If you’re currently paying a home mortgage, then you are aware of the importance of homeowners insurance. Even though your mortgage company requires homeowner’s insurance, you may not know what this type of insurance covers. Here is an overview of what homeowners insurance covers.
Damage to Your Home
There are different levels of homeowners insurance, but even the most basic plan covers damage to your home. This damage could be a result of fire, vandalism, or any number of other possibilities. Flooding is typically not covered under basic homeowners insurance plans, but adding it to your base plan is possible. Homeowners’ insurance typically doesn’t cover damage caused by lack of maintenance, and the thorough investigation that will be provided after a claim is filed will reveal whether this is an issue.
Liability Coverage for Injuries on Your Property
Most homeowners insurance plans will also provide liability coverage if someone outside your home is injured on your property. Perhaps a neighbor is bitten by your dog while on your property, or your newspaper delivery person slips on ice and breaks an arm because your snow and ice weren’t properly cleared away. In either of these scenarios, as well as others, your insurance policy will cover their medical costs and more.
When Additional Insurance is Necessary
Here are some things that may require you to purchase insurance in addition to a standard plan because, like flooding, these aren’t usually covered:
- Expensive jewelry
- Valuable artwork
- Identity theft
- Damage caused by an earthquake
Now that you know what homeowners insurance covers, you might be interested in switching to a new insurance company. If your home is in the Westchester, NY area, ASZ International Inc. can provide a quote, as we offer homeowners insurance and other types of insurance. Hopefully, the price we quote you will be affordable, and you will decide to try us.