Understanding The Coverage Your Homeowners Policy Offers
Most homeowners understand the basics of home insurance, including its coverage for your home's structure and your belongings. However, many homeowners lack an in-depth understanding of the finer details of those policies. This can leave you missing out on important coverage elements in the event of a claim. Understanding some of the nuances of home insurance coverage can help ensure that you get the reimbursement that you deserve. Here are a few of the lesser-known coverage options that might be included in your policy.
Additional Accommodations
When you suffer a covered loss to your home and that loss renders your home uninhabitable until repairs are done, you'll have to spend money on other accommodations until that work is finished. If your home insurance includes a coverage line for loss of use, you'll get reimbursed for at least a portion of those additional costs until you can return to your home. The specifics of the coverage will vary with each policy, so make sure that you review the details.
Possessions in Other Locations
When you have personal property that you're keeping anywhere other than in your home, whether it's in your car, a storage unit, or any other location, your homeowner's insurance will often cover the costs associated with a loss due to theft or damage to your belongings. You'll have certain limits per item, as well as aggregate limits, so make sure you review the policy declaration.
Memorial Markers
One of the things that often surprises homeowners is the fact that most home insurance policies offer coverage for grave markers and similar memorial stones. When you are responsible for maintaining a memorial stone, any loss incurred due to damage, vandalism, or weathering will be covered. The marker doesn't even have to be on your property for this coverage to apply. It will extend to a loved one's marker in a local cemetery as well.
Natural Disasters
There are many natural disasters, including not only earthquakes but also falling debris, volcano damage, and more. While most policies won't cover flood damage, other unusual types of damage are often covered. You'll need to clarify any policy exclusions with your carrier, though.
These are some of the things that most people don't realize they can seek coverage for. Your local home insurance agent can help you explore the additional coverage options available for your home policy. Contact a professional to learn more about home insurance.
