What Does Homeowners Insurance Cover?

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Home insurance protects against loss of your home, its contents, and outbuildings. It also covers the cost of liability lawsuits if people get injured on your residential property.

The losses covered by home insurance can be from perils such as fire, gas explosions, civil disturbances, hail, and lightning strikes.

As long as the damage to your home or outbuildings or loss of personal property is from a covered event, your home insurance policy will cover it. This can entail paying for repairs on the building itself, its reconstruction if totally destroyed, or replacing lost property.

Besides standard coverages for damage to the actual dwelling or personal property and personal liability, your home insurance policy can also cover losses from theft, burglaries, and vandalism.

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Home Insurance Policies Typically Come With Liability Coverage Packaged In

Like auto insurance, which comes with third-party insurance included (though legally enforced), home insurance policies are typically offered with liability cover packaged in.

The breadth of liability coverage on a home insurance policy can extend from standard liability claims like slip and fall accidents involving guests or visitors to lawsuits for damage caused to neighbors’ gardens by your pets. Your dog can also bite joggers and other passersby, which will invite liability claims.

With all that said, the best home insurance policies include coverages that suit your lifestyle. They also take into account the value and type of your home and assets. But some of these coverages typically don't come as standard on most policies and have to be added on.

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Coverage for loss of use

Standard home insurance policies often cover temporary living expenses incurred as a result of losing the use of your home. With some loss events, like fire and hailstorm damage, the home can become uninhabitable. You will have to seek alternative accommodation to give room for repairs.

Your home insurance policy can pay for the extra costs associated with the inconvenience. These costs include hotel bookings and meals. This coverage, therefore, covers the expenses you would not normally have to incur.

There are other less apparent risks your insurer will allow you to add to your policy to ensure maximum protection. Examples of additional risks you can insure against are lost luggage, identity theft, and home office equipment if you work from home.

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Is Building Insurance The Same As Home Insurance?

Building insurance protects against loss of or damage to your home's physical structure. This includes the building itself and fixtures like your fitted kitchen and bathroom and outbuildings like the conservatory, garage, and gazebo. But coverage excludes the contents of the home.

Home insurance covers against loss and damage of the physical structure, its fittings, and outbuildings, as well the contents of the home or personal property not affixed to the house. These two types of insurance are, thus, not the same thing.

Building insurance is typically taken out by owners of rental properties who don't keep any personal assets on the property. The person renting the property will have to take out their own insurance to protect the contents of the building, which is their property. This is commonly referred to as renter's insurance.

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