What does home insurance cover? Most homeowners’ policies cover property and belongings in their homes. Some policies also include liability coverage. Additional coverage can be purchased, though. Property coverage protects the interior and exterior of your home. This type of insurance is most important if you own valuable items such as jewelry or artwork. You can choose to add this coverage to your standard policy. There are several different types of policies. Here are some examples:
Standard homeowners insurance policies usually cover roof leaks that are caused by covered events, but do not cover damage caused by lack of maintenance or a failed washing machine hose. Most policies do cover water damage caused by a burst pipe, but they do not cover floods or backups from clogged drains or sump pumps. A homeowner can purchase a flood insurance policy if it is necessary. It’s important to compare coverage and limits for each type of coverage.
Different types of home insurance cover different items. The most basic type of home insurance covers items that are in a common home such as furniture and appliances, while more expensive options cover more expensive items. Basic insurance is a good option for a temporary cottage. It’s cheaper than the others, but comes with more financial risk. When buying home insurance, you should choose a policy that covers the items you need. If you’re not sure what to purchase, start by looking online for quotes.