If you are a first-time homeowner, or even if you have had home insurance for many years, you may be wondering what homeowners insurance really is and what does it cover? Simply put, home insurance policies are in place to protect you and your belongings should something unfortunate occur, whether that be an emergency, fire, burglary, flood or even vandalism.
For many people, their home is typically the largest investment that they will ever make. No matter how new it is or how well built it is, anyone can be vulnerable to a costly disaster. Having the right home insurance policy will ensure that your property and investment is protected should the unthinkable occur.
You may be surprised to learn that your home insurance may cover a lot more than you thought. In the article below, we will highlight what you can expect most home insurance policies to cover.
Your Belongings, No Matter Where You Are
While you probably expect that your home insurance will cover the belongings inside of your home, many policies will also cover your stuff no matter where in the world it may be. For example, if you took a trip to Europe and your suitcase got stolen or a thief broke into your hotel room and stole your laptop, your home insurance will cover your belongings while they are temporary outside of your home. This situation also usually applies if somebody broke into your vehicle and stole any of your belongings.
Your Dependents Belongings, While Living Away
Your home insurance policy may also include coverage for your children’s stuff while they are living away from home attending university. Make sure that you double check this coverage with your insurance broker and if the coverage will not extend while your dependents are away, ask about getting them a renter’s insurance policy while they are living away from home for a period of time.
Outdoor shrubs, trees, plants, and other landscaping elements are typically covered up to a certain percentage of your policy’s total limit for your property or building.
Additional Living Expenses
Many home insurance policies include Additional Living Expense coverage which will help cover out-of-pocket expenses, such as temporary living arrangements and out-of-pocket expenses like food in the event that you are forced to leave your home because of a claimable event or government-ordered evacuation.
The liability coverage on your home insurance policy provides protection for a number of circumstances that you probably never considered. For example, should you be volunteering at an event and accidentally injure another volunteer or break something on the property, you will be protected.
To find the best home insurance policy for your needs at the lowest possible rate, contact an experienced member of the Bow Valley Insurance team today for a free, no-obligation quote.