What is Homeowner’s insurance
“Homeowner’s insurance is property insurance covering losses and damages to an individual’s residence and furnishings and other assets in the home.
Pathway Insurance Saint Paul, Minnesota, also provides liability coverage against accidents in the home or on the property.”
Homeowner’s insurance policies rarely covers damage caused by floods, earthquakes, sewer backups, or damage resulting from unresolved maintenance issues. You may purchase separate coverage to help protect your home from these risks.
What does home insurance cover?
All insurance is not created equal. The least costly homeowner’s insurance will probably give you the least amount of coverage and vice versa. A home insurance policy typically covers all the following. Coverage for the structure of your home and any other systems on the property. Home insurance in Saint Paul typically covers
- fire vandalism
- theft, or a natural disaster.
- cost to repair or rebuild your home
- Accidental property damage at your home
- A visitor is injured at your home
- Your belongings inside your home
What doesn’t home insurance include
Home insurance doesn’t cover your vehicles if they are damaged on the property. Home insurance does not cover rental property and a tenant’s belongings. You may need to add coverage type to your plan.
Dwelling Coverage
Many people get confused and think that the dwelling coverage will cover up to the market value of their home. But we have to remember your insurance company does not typically insure the land.
They don’t insure land; all the insurance company insures on the homeowner policy is the home structure. The dwelling is what it’s going to cost to replace the home from the ground up. In most cases, the dwelling coverage is a little less than your market value. But with everything going on in the real estate market lately, and you know values are very depressed, that is not always the case.
If you have an older home and it has attractive features, maybe 100% hardwood floors, and you know some fancy metal roof or something. Then maybe it would cost more to rebuild the house than it would be to buy it on the open market.
Other structures include
- sheds
- workshops
- a detached garage
- even your fence
- and your driveway.
It’s a good idea to look at your policy and ensure that other structure’s coverage will rebuild your property’s other structures. If it damages by an unexpected event that it covers losses like:
- Lighting
- Theft
- Vandalism
- Fire
- Wind
- Hail
Dwelling coverage protects the physical structure of your home and many things attached to it. If they are damaged or destroyed by a covered peril. This coverage extends to things like your attached garage
- porch
- windows
- doors
- roof
- chimney
- fireplace
- carpets
- floors
Antennas satellite dishes and fences are typically not covered by the dwelling portion of your home insurance policy. Even if they are connected to your home, since dwelling coverage applies to the physical structure and any structures attached to your home, this coverage only applies to homeowners and condo insurance.
Liability Coverage: Liability Coverage is for bad things that happen to others because of you.
- Cover for medical expenses.
- Property damage.
Medical Insurance: The portion of your homeowner’s policy pays medical injury claims up to a low limit, potentially resolving more minor claims.
Personal Property Insurance: The portion of your homeowner’s policy covers your furniture, clothes, TV, and other personal items if they are stolen, destroyed in a fire, or a covered peril.
Additional living expenses: This will pay for any additional living expenses having to live away from your home if you need to rent a hotel or have someone mow your lawn while your house is being rebuilt.
Personal liability: We commonly find personal liability on a homeowner’s insurance policy. Renter’s insurance can also be found on a rental property policy you owned. But essentially, personal liability insurance covers you and your family members for any bodily injury or property damage you do to a third-party. So someone outside the family to very common examples. It protects you and your family members, your family living in your house against damage to parties outside the family for bodily injury and property damage.
Other Structures: The portion of your homeowner’s policy that may cover structures not connected to the primary residence. Examples include
- a detached garage
- pool
- fence
- shed
- and gazebo.