Purpose of Homeowners Coverage
To protect you against financial loss if there is damage to your home and your possessions and liability in case someone gets hurt in your home or on your property.
Most mortgage lenders require it.
A - Dwelling
B - Other Structures
C - Personal Property
D - Loss of Use
Recommended: Water Back Up of Sewers or Drains
Click on the image above to download MyHome App to your Iphone or Android.
Quickly capture images, descriptions, bar codes and serial numbers of your prized possessions.
The app organizes information room by room and even creates a back-up file for email sharing.
It is great for determining how much insurance you really need and for filing a claim.
Do you have...
Security System Sprinkler System
Wood furnace or wood stove Swimming pool Trampoline Playscape that could cause injuries Certain breeds of dogs
Do you operate a business from your home Do you provide childcare/babysitting in your home
Please be sure to mention this to your HTA Advisor
E - Medical Payments
F - Personal Liability
Personal Injury/Libel & Slander Endorsement
What happens if I am sued?
The Personal Liability portion of your home insurance policy can help provide legal defense, regardless of the outcome of the suit. Homeowners liability coverage also may help pay the other party’s medical fees or repairs you may owe.
The Insurance Information Institute (III) notes that the types of incidents personal liability insurance can help cover include:
- Damage or injuries caused by pets
- Unintentional damage or injuries caused by you or family members
- No-fault medical coverage if a friend is injured in your home
Please note that if your policy does not have coverage for Personal Injury/Slander, you may not have coverage.
What is not covered?
Common exclusions include but are not limited to earthquake (for which coverage can typically be separately purchased); collapse; flood; mold; fungus; wet rot; wear and tear; mechanical breakdown; smog; rust; corrosion; dry rot; smoke from agricultural smudging or industrial operations; discharge, dispersal, seepage, migration, release or escape of pollutants; settling, shrinking, bulging or expansion, including resultant cracking of bulkheads, pavements, patios, footings, foundations, walls, floors, roofs, or ceilings; birds, rodents, or insects nesting or infestation, or discharge or release of waste products or secretions by any animals or animals owned or kept by an insured.
Should you buy Flood or Earthquake Coverage?
Flood – It is important to be aware that the typical homeowners or renters policy does not cover damages resulting from a flood. Flood damage can happen to you, no matter where your home, apartment, or business is located. You
can buy flood insurance even if your property is not located in a Special Flood Hazard Area (SFHA). Mortgage lenders, pursuant to federal law, may require homeowners to purchase flood insurance if the property is located in a high-risk flood zone.
Earthquake – Damage caused by sinkholes or earth movement are typically not covered by homeowners policies unless requested and specifically purchased at an additional cost.