This doesn’t help if a member of your household gets hurt. Medical payments to others coverage pays for minor medical bills of people accidentally hurt on your property. Homeowners liability insurance also covers your legal fees if the injuries or property damage lead to a lawsuit. A homeowner’s insurance policy can similarly cover the cost of repairs if your rambunctious dog ruins a neighbor’s fence. Liability insurance covers unintentional property damage or injuries for which you or a member of your household is responsible.įor instance, if a visitor slips on a wet floor and twists their ankle on your property, your liability coverage could pay their medical bills. If you need extra coverage, you have the option to buy more. For example, if your homeowners policy has $300,000 for your dwelling, and your personal property coverage is 50%, you’ll have $150,000 in contents coverage. Personal property coverage is usually 50% to 70% of your dwelling coverage amount. It’s wise to create a home inventory checklist to catalog and describe your items’ potential value and any specific numbers, receipts or information you might need to make a claim. This encompasses all your belongings in your house: Personal property coverage pays for repairs or replacement if your belongings are stolen, damaged or destroyed by an issue covered by the policy, such as a fire. This can include barns, fences, garages, sheds, gazebos and other property structures. “Other structures” coverage is for structures not attached to your primary dwelling. It’s vital that you have dwelling coverage based on the cost of material and labor in your area. It’s also not the same as your property’s real estate value.
Dwelling coverage is only for the house and doesn’t take land value into account. (Although you can add replacement cost coverage to an HO-3 policy.) Dwellingĭwelling coverage provides reimbursement to repair your house-or completely rebuild it if necessary.
An HO-5 offers more comprehensive coverage, including paying for replacement cost rather than actual cost value. Similar to an HO-3 policy, an HO-5 covers your house and belongings for all damage and theft except for specific exclusions listed in the policy. Some homeowners decide they need additional coverage and buy an HO-5 policy. Other structures, like a detached garageĪn HO-3 policy protects against all causes of damage (called perils) unless they are specifically listed as exclusions.The most common homeowners insurance policy type, called the HO-3, includes coverage for Homeowners insurance covers common problems that may damage your house or property, such as a fire, theft, wind and hail damage, falling objects (like a tree) and vandalism. Determine What Types of Coverage You Need
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