Your homeowners insurance policy is considered one of the most important aspects of your home. It protects you in more ways than you think. This insurance policy can help repair, damage, or rebuild your home from a covered loss. Not only that, it can also cover lawsuit costs and even help you pay for a new place when your existing house is no longer livable.

Home insurance policies are typically comprehensive, but they may contain many exclusions and coverage limits. SOGO Wealth and Risk Management in San Antonio, Texas suggests that you review your policy so that you know what is covered and what isn’t. We have provided a guide to help you understand what a typical insurance policy covers. Make sure to talk to your insurance agent about them.

A typical home insurance may cover the following:

  • Dwelling – Home insurance will pay for any house damage caused by covered losses, such as fire. Dwelling coverage will help you repair or rebuild your home and any structures attached to it, such as a garage or deck.
  • Other structures – It will pay for property damages such as a detached garage, barn, or fence from a covered loss.
  • Personal Property – This coverage includes damage or loss of personal belongings and possessions. This will help you replace items up to the defined dollar limit that is stated in your policy. If your belongings are worth more than your policy, you can buy additional coverage through scheduling valuables. It is, therefore, important to have an updated inventory of your belongings if you want to expedite any personal property claims.
  • Additional Living Expenses – This set policy will cover the costs of temporary housing and related expenses if your home has been damaged to the point that it is no longer livable.
  • Personal liability – This will help handle legal liability costs from a lawsuit if you’re responsible for damage to other people’s property.
  • Medical payment to others – This coverage will help you pay for the costs of lawsuits from any bodily injuries to other people that occurred in your home or property.

It is good to note that these insurance policies can only cover up to a certain amount that you selected and can only be used for covered losses that are outlined in your policy. It is best to talk to your insurance agent about updating your current coverage to include any structures that you have added to your home.

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