The Lowdown on Home Insurance: What Is and Isn’t Covered

If you’re a new homeowner, then you probably have your hands full with various errands and tasks. You need to get unpacked, maybe paint the various rooms, do the little renovations and fixes that the seller didn’t take care of, and more. Being a homeowner is exciting, but it also comes with a lot of responsibility. After all, a home is likely your most expensive purchase and can be a major asset. As such, you’ll want to make sure you’re taking care of it.

One thing you shouldn’t overlook is home insurance. Finding an insurance policy that works for you should be right at the top of your to-do list. Home insurance covers all kinds of important and unpleasant events, from break-ins and theft to repairs due to a natural disaster. For example, if you’re living in Florida or Louisiana, your home insurance policy should cover repairs due to hurricane damage. But there are many home insurance policies out there. So how can you know which one will give you the right insurance coverage for your location and needs? Read on for some things to keep an eye on as you’re conducting an online home insurance compare-fest.

The Structure


Your new home may or may not be in great shape. Hopefully, the mandatory inspection you conducted before signing the papers made you aware of any structural damage and you made a decision based on how much you can afford to spend on renovations. Be aware, though, that most home insurance covers your new home’s structure (the foundation, roof, and more) if it is damaged by an extreme circumstance such as a hurricane or a fire. Floods and earthquakes are usually not covered so as you’re comparing home insurance online, take your location into consideration. Do you live near a fault line? If so, it might be worth it to invest in extra insurance coverage.

Also, most home insurance won’t pay for wear and tear, so if you’ve bought an older home and are thinking about how to fund restorations for historic homes that likely won’t be included in your policy. There are other sources of funds for that, grants and similar programs from historical societies that may be interested in your home. Also, there are plenty of online tutorials online that can give you tips if you’re interested in a DIY restoration project.

Your Belongings


You might be moving some important belongings into your new home as well. Heirlooms, such as jewelry, or expensive clothing and art are the usual suspects when it comes to valuables people want to be covered by home insurance. Most home insurance will cover some valuables, up to a certain percentage. Make sure to check exactly how much your insurance company will cover before purchasing a plan. Also, you’ll likely have to carry out a detailed inventory of your valuables to provide to the insurance company. This may seem like just one more headache, but it’s very important. If you should suffer a theft, you’ll want to know exactly how many necklaces were in that jewelry case, and with the stress of the moment, you may not be able to come up with the right number. Better to do it now, while your wits are about you.

Liability Coverage


Hopefully, your new home will be the site of many happy events. Family gatherings, holidays, maybe even a wedding or two in the backyard. But you also need to take into consideration the possibility that unfortunate accidents can occur as well. That crazy nephew or niece of yours might fall off a swing and break an ankle. Your cat might begin to lose vision or develop feline arthritis and fall down the stairs. Your child might spill cranberry juice on your aunt’s expensive white rug. Liability coverage usually means that you’re covered for these eventualities. There are, of course, specific situations that get insurance coverage and others that don’t. If you’re already thinking about how to prepare your home for a cat with limited vision, one way is to ask your insurance company about liability insurance coverage.

The ins and outs of home insurance may seem overwhelming, but don’t be nervous. You can always use an online tool to compare insurance policies, and as long as you’re asking the right questions you’ll be fine.

Ebony Sutton


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