According to the Insurance Information Institute (III), the average homeowners insurance claim is nearly $14,000. It’s a smart way for homeowners to protect their finances, too. “That’s basically to make sure that their interests are looked out for in the case of a loss,” she says. Homeowners insurance isn’t a state mandate in the same way that auto insurance is, but it’s often required by a lender if you have a mortgage, Orbann says. Lastly, items that are insured by another policy, such as cars, boats, or motorcycles aren’t covered by a homeowners policy.
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To get full coverage for these, experts recommend getting a separate personal articles insurance policy. Similarly, theft of a firearm is usually covered up to $2,500. Most insurers will pay only up to $1,500 for stolen jewelry. For example, high-value jewelry is covered up to your policy limit for perils such as fire or weather-related damage, but theft has lower limits. Some types of personal property are excluded from homeowners policies or have specific limitations, even when damage is caused by a covered peril. For instance, if your dog bites a friend at your dinner party, the insurance company may help pay for their doctor bill. It provides personal liability and medical payments for injuries sustained by a visitor, too. Personal belongings like electronics and appliancesĪn HO-3 also offers loss-of-use coverage, which pays for additional living expenses if you have to move out of your house while repairs are being made due to damage from a covered peril.Detached buildings on the property, such as a garage or shed.Most people who live in single-family homes have an HO-3 policy. There are different policies for homes that are at least 40 years old or deemed a historic landmark (HO-8), and policies for renters (HO-4) and condo owners (HO-6). This is the most generous form of coverage-and the priciest-but it still has some exclusions. But it broadens the scope for structure damage so that all perils, except any that are specifically excluded in your policy, are covered (more on exclusions later).Ī comprehensive policy (HO-5) uses open perils coverage for all structures and belongings on your property.
But what qualifies for reimbursement depends on the type of coverage you get and how much you have.
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