What does homeowners insurance cover?
Homeowners insurance helps cover the costs to repair or replace your home and belongings in the event they are damaged by covered threats like fire, theft and severe weather. Homeowners insurance is an important way to help ensure that you will be able to rebuild your home and replace the items in it should misfortune strike. Homeowners insurance can help protect you against the costs of property damage or destruction. It can also provide help to cover the costs of liability exposures if, for example, someone is injured on your property.
What can homeowners insurance cover?
A typical homeowners insurance policy (also known as an HO3 policy) generally covers your home and your personal property and helps cover the costs of losses that result from covered incidents.
Typically, damage caused by floods and earthquakes is not covered by basic homeowners insurance policies. Optional homeowners insurance coverages and policies may be available to cover damage due to these additional threats. Your insurance professional can help determine what coverage may be best for your specific needs.
Covered incident examples
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Fire
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Windstorms
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Hail
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Lightning
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Vandalism
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Theft
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Weight of ice, snow or sleet
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Freezing of plumbing, heating, air conditioning or other household systems
Types of home insurance coverage
A typical homeowners insurance policy includes several types of coverages, coverage limits and deductibles. Consider how the following coverages can help insure your home and assets.
Dwelling coverage
Dwelling coverage can help you pay to repair or rebuild your home if it is damaged by a covered event. Typically, you will want to have enough dwelling coverage to cover the estimated cost to repair, rebuild and replace your property.
Personal property coverage
Personal property coverage can pay you for the personal items in your home that may be damaged or destroyed by a covered cause of loss. These personal items could include your furniture, clothes, sporting goods and electronics.
Personal liability coverage
Liability coverage can help protect you in the event of a claim. If you or a family member in your household is responsible for causing bodily injury or property damage to others, this coverage can provide a defense in the event of a lawsuit.
Loss of use coverage
Loss of use coverage can help pay your additional living expenses if you must move out of your home temporarily while it's being restored. This is typically subject to coverage terms and limits.
Other structures coverage
Other structures coverage can help pay for covered damages to detached structures on your property like garages, sheds and fences.
Home insurance deductibles and limits
Your home insurance deductible is the amount of a covered claim that is your responsibility to pay before your insurance starts to cover costs. When choosing your insurance deductible, consider how much you are prepared to pay should you have a covered claim.
Your home insurance coverage limits are the dollar amount of homeowners insurance coverage you buy. The limits of coverage start with your dwelling coverage, then the limits of coverage for other coverages in your homeowners policy are typically calculated as percentages of the dollar amount of your dwelling coverage limit.
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Additional homeowners insurance coverages
The following coverages can typically be added to a primary homeowners policy. Work with your insurance representative to customize a policy to your specific needs.
Special personal property coverage
This special coverage for personal property or contents can provide broader protection for your possessions in the event of a covered loss. It can cover your personal property in more situations than a homeowners policy.
Contents replacement cost
Personal property replacement cost coverage helps cover personal property losses based on their replacement cost at the time of loss, with no deduction for depreciation. The coverage is subject to applicable policy limits and deductibles and special limits apply to certain items such as jewelry and watches.
Additional replacement cost protection coverage
Additional replacement cost coverage helps provide an additional amount of coverage to help repair or rebuild your home if the dwelling coverage on your home is not enough to cover the cost to repair or rebuild after a covered loss.
Jewelry and valuable items
From jewelry to collectibles, you may have more valuables than you realize. And your home insurance policy may not provide the coverage you need.
Personal articles floater
A personal articles floater is a separate valuable items policy that is available should you need coverage or higher amounts of coverage for specific valuable items.
Water backup and sump pump discharge or overflow
If water backs up from a sewer or drain within your home, or if water discharges or overflows from your sump pump, this coverage can help cover the damage up to a specified dollar amount. This does not include coverage for flood or surface water backup.
Identity fraud
Travelers identity fraud expense reimbursement coverage can provide up to $25,000 that can help cover expenses to restore your identity if it's used fraudulently.
Green home coverage
Green home coverage from Travelers provides additional protection that can help cover the costs to repair, replace or rebuild with green materials, after a covered loss occurs.
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