As one of your most valuable investments, your home is an asset worth protecting. But while you can’t always shield your property from accidents, homeowner’s insurance will help you recoup the potential financial losses you could experience from these events. If you’re thinking about purchasing residential real estate, here’s a quick guide on what a homeowner’s insurance policy will and will not cover.

What Events Does Homeowner’s Policy Cover?

Property Damage Caused By Named Perils

Your policy will list several specific perils—such as fires and storms—that could damage your property. If your main dwelling or additional structures, such as a shed, are damaged in one of these events, your plan will pay for repairs up to the amount defined within the policy. If repairs aren’t possible, your insurance can pay to rebuild the property or offer a replacement sum.

If you are displaced by any covered peril, your policy will offer compensation to assist with emergency expenses. These costs may include shelter, food, clothing, medications, and other essentials.

Theft & Vandalism

If your home is broken into or vandalized, there’s a possibility that you may lose some personal belongings in the process. While some items may not be recoverable, your policy should cover the cost of replacing them. To ensure you get accurate compensation, make sure your policy lists covered items along with their true value.  

Personal Injury

When people are injured on your property in an accident, you can be held liable as the owner. Without insurance, you may be sued, taken to court, and ordered to pay a settlement out-of-pocket. If you are covered, your insurance company will help cover this settlement, as well as provide the funds you need to have adequate legal representation in court.

What Isn’t Covered With a Standard Policy?

Several types of losses aren’t covered by a traditional homeowner’s policy. For example, damage caused by rare natural disasters—including floods and earthquakes—won’t typically be covered. You also won’t be protected against damage due to sewage backups, remodeling accidents, or lack of maintenance.

Premium jewelry and other high-value belongings may also not be covered under standard personal property terms. If you’re concerned about these risks, talk to your agent about the additional protection you can purchase to extend your coverage.

Homeowner’s insurance can provide peace of mind, but gaining this important coverage shouldn’t mean having to pay more than necessary. That is why the Ohio Insurance Center Agency is committed to helping clients create solid policies without breaking their budgets. As a policyholder, you can count on this Cincinnati, OH, insurance company to review all your options to make sure you’re comfortable with your coverage risks. Working with numerous carriers, this local agency will also make sure you can select a plan that fits your budget. Visit the agency online to learn more about their services or call (513) 522-6300 to request a free quote.