The world of homeowner’s insurance has so much depth to it, so much so that even seasoned homeowners can get confused and hung-up on what is exactly in a standard homeowner’s insurance policy, and what exactly isn’t! There are certain kinds of coverages that aren’t normally included in a standard policy but that should definitely be considered!
Dwelling Insurance is what you are probably thinking about when you think of the term “homeowner’s insurance”! This is the coverage that protects the structure of your house from wind, lightning, fire, and hail! But keep in mind that flood and earthquakes might not be under this umbrella of coverage! If you live in an area that has been flooded in the past, or has had earthquake trouble—you should consider adding this coverage too!
Personal Property Coverage extends to your physical possessions in your home and is part of a standard policy, if something were to be stolen or destroyed in a covered perilous event it would be covered under your homeowner’s insurance policy! But if you have certain high-value items in your home such as jewelry, art, or certain collectables you will likely need to purchase more coverage to prevent gaps in your coverage!
Personal Liability Coverage is used when someone sues you due to getting hurt on your property—and is usually included in a standard policy! It can pay for legal costs and even settlement amounts if needed—and just like other coverages it can have additional coverage added as well! With the increasing costs of medical care and treatment it might be worth looking into increasing your coverage if you have people over to your home regularly!