20 Coverages You Didn’t Know You Have with Homeowners Insurance
Homeowners Insurance is usually required when you take out a mortgage on a home. You may already have a policy and aren’t even aware of it because your mortgage payments and homeowners payments are lumped together in one bill. Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo. Unfortunately though, people will buy this coverage, often without looking at all the options out there.
Whether you’re already insured or you’re just beginning to shop for the right insurance, it’s always a good idea to check your rate by getting multiple homeowners insurance quotes using SmartFinancial. They will connect you with an agent who can match you up with the right homeowners insurance policy with great coverage and hopefully some savings too.
Pay attention to the details of each rate you receive because not all policies are the same. Some have perks that may be especially beneficial for you. For instance, if you bundle homeowners and auto with Progressive, you only have to pay one deductible instead of two separate ones. Let’s say a tree falls on your garage and damages both the garage and you car. In order for insurance to pay for repairs, you must first pay a deductible. Since your auto insurance takes care of your car and homeowners insurance takes care of the garage, you would normally have to pay two deductibles but Progressive saves you a hassle and lots of money! Perks like this are why it’s good to ask questions after you get paired up with an agent.
In the meantime, here’s a list of things you probably didn’t know were covered by your homeowners insurance policy:
- Food: If your fridge breaks down, homeowners insurance won’t cover the cost of repairing or replacing your fridge (a home warranty would), but homeowners insurance will cover the food that spoiled in the fridge up to $500 worth!
- Counterfeit bills: If someone handed off fake U.S. or Canadian bills to you, you are covered by homeowners insurance.
- Locks: You are covered if you have to change your locks after losing keys!
- Burglary: Not only are you covered if your home gets broken into, but if your child is off in college you are covered if someone breaks into their dorm room or apartment away from home.
- Accidents: If your children are younger than 13 years old, they are covered if they cause property damage to a third party’s property.
- Lightning. Damages for a lightning strike are covered. Aren’t you relieved now?
- Theft: You’re covered for theft if your home is broken into. Most people know this, but did you know that if you had a set (expensive dishes, wine glasses, candlestick holders, etcetera), you’ll be reimbursed for the entire set or pair?
- Volcano eruptions: If a volcano erupts and the eruption and lava damage your home, you’re covered.
- Fallen tree: Did a tree on your property fall and damage a neighbor’s car, home or other property? You’re covered.
- Liabilities: If someone trips and falls on your property and gets hurt, you’re covered for damages, even for chipped teeth!
- Dog bite: If your dog bites someone your home insurance will cover the medical costs.
- Stolen and/or Lost. You are protected up to 3,000 miles away from home if your bike is stolen or if you lose luggage, but only if you add the off-premises coverage to your standard homeowners insurance policy.
- Water damage: If you have a leaking roof or burst pipes, you are covered for damages. However, floods are not covered unless you have a separate flood insurance policy.
- Vandalism/Riots: Yes, if someone spray paints your home or if a riot breaks out and your home is damaged, you’re covered.
- Explosions: If your gas grill or an aerosol can explode, you’re covered!
- Fire/Smoke: You’re always covered for smoke and fire damage with a homeowners insurance policy.
- Windstorms: Any wind damage, including tornadoes, is covered by home insurance.
- Hail: Damage to the exterior of your home is covered after a hailstorm.
- Car crashes into home: If a car drives into your home or does any damage to your property, chances are that person’s insurance will take care of it, but if they were uninsured, your homeowners insurance will cover you.
- Aircraft crashes into home: Live near an airport? If a plane crashes into your house, you’re covered.
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Do you live in upstate New York or one of the boroughs in New York City? If you’re a homeowner or plan to become one in this state, there are some interesting facts you should know.
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
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Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.