Home insurance is a type of insurance designed to help cover losses incurred to the physical structure of the home and personal assets in the home resulting from a covered peril. It can also provide liability coverage for third party claims against the homeowner due to an accident on the property. If a third party is injured on the homeowner’s property or their property is damaged by the homeowner, their household members or pets, this coverage can typically help cover the costs of the resulting bodily injury and/or property damage.
The unexpected can happen and having homeowners insurance coverage can help you navigate what could otherwise be a very challenging situation.
While the specific terms and conditions of each policy will vary, homeowners insurance policies typically cover the following if they result from a covered peril: (i) losses incurred to the physical structure of the home and personal property inside the home; (ii) losses incurred to detached structures on the covered property such as sheds, garages and fences; (iii) loss of use of the home; and (iii) personal liability coverage if a third party suffers bodily injury and/or property damage on the covered property.
Common perils covered by a homeowners insurance policy may include (subject to each policy’s terms and conditions):
A typical homeowners insurance policy may not provide adequate coverage for losses to certain valuables like jewelry, artwork and other collectibles; therefore, a homeowner may consider purchasing collectibles insurance for additional coverage for their valued possessions.
Acrisure and our Partners specializing in homeowners insurance can help you find the appropriate coverage for your specific needs. We can help you find a homeowners insurance solution that’s right for you by matching you to the right insurer and helping you create a personalized insurance solution.
Common Home Insurance Questions
Q. How can a homeowner find the right homeowners insurance policy?A homeowner should consider several factors when choosing a home insurance policy, most notably, the location and features of the home, the value of the home and personal property, coverage limits and the amount of premium. Acrisure and our Partners can help homeowners find insurance solutions which help meet their specific needs.
Q. Do homeowners insurance policies cover rented properties?Generally, landlords are responsible for maintaining insurance coverage that covers losses to the rented dwelling. Renters may be able to purchase a renter’s insurance policy, which typically provides coverage for a renter’s personal property and additional living expenses. Such policies may also offer personal liability coverage.
Q. Is flooding covered by homeowners insurance policies?
While some homeowners insurance policies may cover certain types of water damage (such as a plumbing leak or broken pipe), flooding due to storms or other weather events, for example, is generally not covered.
For flood damage coverage, a flood insurance policy is typically needed.
Q. Does homeowners insurance cover a home-based business?
A homeowners policy can help protect against losses to a home, but it may not provide adequate coverage to help protect a home-based business. While the terms and conditions of each policy will vary, the typical homeowners insurance may not be comprehensive enough to meet all of a home business owner’s particular needs. When looking at policy types and coverage limits, a home-based business owner should consider, for example, whether clients or customers visit the home and the value of any business property (such as computers and other supplies). Read more in our blog about how home-based businesses may be underinsured.
Q. What isn’t covered by home insurance?The terms, conditions and exclusions of each homeowners insurance policy will vary but following are examples of events for which resulting losses are commonly excluded: earthquakes, intentional conduct, normal wear and tear, neglect to the property, damage caused by war. As always, refer to your policy for details.