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Homeowners Insurance: What You Need to Know

No matter where you live, you need home insurance designed to protect your specific home and property from all sorts of accidental damage. From fires to floods, hail to tornadoes, and ice storms to earthquakes, we've seen them all affect our customers. That's why we're dedicated to finding the insurance products and services to give you peace of mind. Homeowners insurance is designed to protect you against other losses too - including - the replacement cost of your possessions, loss of use of your home, and even medical and liability coverage should something happen while guests are in your home. 


What Is Homeowners Insurance?

Homeowners insurance is an insurance policy designed to provide insurance coverage for your home as well as the items within your home in the event of property damage. However, the property damage that occurs must be from a covered event. You would file a claim and pay your required deductible. Once that occurs, the insurance company covers the loss.

The policy also protects you, as the policy owners, if someone is hurt on your property. For example, you’re having a backyard barbecue and someone trips over a broken sprinkler head that you didn't know was broken. You didn’t know that the sprinkler head was broken and a hazard. Your property insurance can pay for the medical expenses they incurred from their accident if they file a claim with your policy.

Coverage Options for Homeowners Insurance

Similar to an auto policy, you have coverage options when purchasing homeowners insurance. Generally, there are two basic types of coverage options. The coverage options are an HO-3 policy and an HO-5 policy. The HO-3 policy is the most common and it covers you from any property damage except for whatever is specifically excluded within your property. The HO-5 is generally more expensive. It covers all of your personal property except whatever items you specifically want to exclude.

There are also additional endorsements you can have added to your policy. Endorsements can be very useful if you own specific items that are particularly valuable that you want to ensure are covered for their full value. You can also include special limits as well as purchase additional types of coverage to supplement your homeowners insurance. A special limit is used to place a limit on the amount of money that will be reimbursed on certain items. Additional coverage is used to fill in the gaps of your homeowners coverage. For example, homeowners insurance does not cover property damage caused by earthquakes. You would need a separate earthquake insurance policy.

What Doesn’t Homeowners Insurance Cover?

You must read your homeowners insurance policy to know specifically what is not covered. While there are some items, referred to as perils, that are generally not covered, each policy can be different and exclude certain items. The most commonly excluded perils include termites and other similar animal damage, an act of war, nuclear disaster, failure to complete routine home maintenance or repairs, mold, actions taken by the government, normal wear and tear, loss of power, corrosion, rotting material, or deterioration. Additionally, most homeowners insurance policies will not cover property damage from floods, earthquakes, and certain types of natural disasters. You may need specific types of insurance properties to fill the gap.

Get a Homeowners Insurance Quote Today!

When it comes to getting the right insurance to protect your home and property, the professional Comma Insurance team is ready to help you. As an independent agency, Comma Insurance works with multiple insurance companies to find the right homeowner’s insurance coverage for you at the right price. Get your free homeowners insurance quote today! Call now: 405-225-2820