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Blog category: Right at Home

What Does Homeowners Insurance Cover?

3 min read

If you still have a mortgage on your home, it’s more than likely your lender requires you to carry homeowners insurance. The problem is, most never take the time to learn exactly what their policies cover until a disaster strikes. Taking a look at your homeowners policy and understanding your coverage is one of the most important steps you can take to prepare yourself financially for the unexpected. You may discover that based on your assets, you need more coverage on certain items. For example, if you have expensive antiques or art collections you may want to add more protection.

Homeowners insurance coverage differs from carrier to carrier, and even among coverage packages within the same company. That’s why it’s so important to read and understand your homeowners policy. Below, we explain a few of the basic coverages.

Dwelling and Other Structures

Your homeowners policy covers your house and any dwellings attached to it and can include damages to electrical wiring, fixtures, and plumbing. However, the cause of the damage can affect whether the issue is covered or not. For example, if your washer leaks and the water damages your flooring, your policy will pay to replace the flooring, but will not cover the faulty appliance.

Some policies will cover loss of use and pay for a hotel if you cannot live in your home while it’s being repaired or rebuilt. Many people are not aware that their homeowners policy can also pay for damage to fences, tool sheds, freestanding garages, and other unattached structures.

Personal Property

Your personal property is typically included with your homeowners policy. This can include electronics, appliances, clothing, and furniture. Most policies include a certain standard amount for coverage, and if you have items that are of high value, it’s important to make sure they’re covered adequately. If the basic coverage isn’t enough for certain items like jewelry, furs, or coins, for example, you can buy what’s known as a rider that includes special coverage amounts for them.

Personal Liability and Medical Payments

If a visitor to your home sues you for an injury — say your dog bites them, or they trip and fall in your yard, many policies will cover damages and medical payments. Some require additional coverage and exclude certain types of animals and breeds. It pays to take good care of your property to eliminate potential hazards and make sure your animals are well-controlled and socialized.

What Does Homeowners Insurance Not Cover?

One of the most common exclusions in a homeowners insurance policy is that it will not include damage you cause. For instance, if you accidentally allow the bathtub to run over, and it damages the tiles and plumbing fixtures, you will probably have to pay for the repairs out of pocket.

If you fail to maintain your HVAC system and the motor is damaged, your policy will probably not cover it. However, if your power company causes a power surge that damages your furnace it would be covered since this event was not under your control.

The best way to find out what your insurance does and does not cover is to read your policy, and if you have any questions, call Wawanesa and speak with one of our helpful agents who will be happy to assist.

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The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.

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