What Is Included With Homeowners Insurance?

It is likely that your home is one of your most valuable possessions, therefore it is crucial to protect this asset with a sufficient homeowners insurance policy to ensure that you and your belongings are fully covered if an unfortunate and unexpected incident occurs. Not only is it a sensible choice to have good homeowners insurance, most mortgage lenders actually require it when you finance a home. If you own a home in San Diego, California, and have questions about homeowners insurance, Windfall Insurance Services Inc. is here to help. Continue reading to learn more about how homeowners insurance works.

The Basics: What Is Homeowners Insurance?

Homeowners insurance is intended to give financial protection against any loss or damage that might occur during an accident, natural disaster, or theft. It can cover the home itself, your personal belongings, and it can cover you if someone becomes injured on your property or if you cause damage to the property, depending what type of policy you purchase. Generally, homeowners insurance will help pay for the repair of your home, the replacement of your personal belongings, and for personal liability if you are found responsible for the injury of another person while on the property. Even though it isn’t legally required in many cases, lenders will require you to have homeowners insurance before they offer you home financing. The cost of a homeowners insurance policy depends on a variety of factors, including the kind of insurance coverage you choose, the price of your personal belongings, the type of home that you have, etc.

What Homeowners Insurance Typically Covers

Most homeowners insurance policies will generally cover the following items:

• Home structure coverage – Most policies will pay for the cost of either repairing or rebuilding your home if it is damaged in a natural disaster due to hail, tornado, hurricane, fire, lightning strike, etc. It can also help cover other detached structures on the property, like sheds and garages.
• Supplemental living expenses coverage – If it is necessary for you and your family to vacate the home and temporarily live elsewhere because of damage to the home, homeowners insurance will pay for living expenses, including the cost of hotels and restaurants while you are living away from home.
• Liability coverage – This will help cover you from potential lawsuits stemming from property damage or personal injury caused by you or someone living in your household. This will help pay for court costs, lawyer defense fees, and in most cases, medical expenses of an injured party.
• Personal possession coverage – Homeowners insurance generally pays for the cost of replacing personal property such as clothing, furniture, sports equipment, etc. if it is damaged or stolen.

If you have questions about homeowners insurance in San Diego, California, contact Windfall Insurance Services Inc. today for a consultation.