What does Home Insurance Cover?

Home insurance basics

Home insurance, also known as homeowners insurance, provides financial protection for a home, personal property, and liability in the event of certain events such as fire, theft, or damage from natural disasters. It typically covers the following:

• The structure of the home: This includes the physical structure of the house, detached garages and other structures on the property, and any permanent fixtures such as built-in appliances.

• Personal property: This includes items inside the home, such as furniture, electronics, clothing, and other personal belongings.

• Additional living expenses: This covers the cost of temporary housing and other expenses if the home becomes uninhabitable due to a covered loss.

• Liability: This provides protection against lawsuits for bodily injury or property damage caused by the homeowner or their family members.

There are different forms for home insurance such as comprehensive, named perils, and broad form. Each one has different levels of coverage with comprehensive being the most robust to protect your home.

There are also additional endorsements which are not typically covered in a standard home insurance policy. So make sure you speak to your broker to confirm you have adequate coverage.

It's important to note that coverage and limits can vary depending on the policy and the insurance company, so it's always recommended to read the policy details and understand the coverage that is included. It's also recommended to compare different policies and shop around to find one that best meets your needs and budget