Getting Homeowners Insurance: What does it cover?

During this pandemic, more than ever, our homes have become our sanctuary. There are many things we can do to maintain and protect our homes, starting with insurance.

Homeowners insurance provides you with financial protection in the event of a disaster or accident involving your home.

Standard homeowners insurance protections

A standard homeowners insurance policy insures your home’s structure (house,) and your belongings in the event of a destructive event, such as a fire.

Also, homeowners insurance policies are generally “package policies.” This means that the coverage includes not only damage to your property, but also your liability—that is, legal responsibility—for any injuries and property damage to others caused by you or members of your family (including your household pets).

Insurance for condominiums and co-op- apartments generally covers your belongings, liability, and certain parts of the interior structure as defined in the by-laws or proprietary lease.

Renters insurance provides similar property and liability protections to those who don’t own their homes.

All forms of home insurance also provide additional living expenses (ALE) coverage for the extra costs of living away from home if it is uninhabitable due to damage from an insured disaster.

What is not covered by a standard homeowners policy

While homeowners insurance covers many types of disaster-related damage, there are exceptions. For example, flood insurance and earthquake insurance are both separate types of policies, which may be desirable depending on where you live.

Poor home maintenance often contributes to disasters or accidents. Maintenance-related problems are the homeowners’ responsibility, though there are niche insurance products on the market that may be available to protect against appliance wear and tear.

CIII Insurance Services is a general independent insurance agency with a broad range of Commercial, Employee Benefits, and Management Liability products. We have aligned ourselves with some of the finest carriers to deliver these products to you.