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What Does Home Insurance Cover?

What Does Home Insurance Cover?

Protecting Your Home Sweet Home

Buying a home is one of the biggest and most important decisions you will make in your life. Along with buying a home comes the responsibility of protecting it and your family. That's where home insurance comes in. But what does home insurance cover?

Keep reading to find out.

A standard homeowners insurance policy provides coverage to repair or replace your home and its contents in the event of damage. That usually includes damages resulting from fire, smoke, theft or vandalism; other covered events could come about through external forces like falling trees and weather-related damages.

Your home is likely to be covered for everything from heating and cooling systems, appliances like refrigerators or dishwashers - even clothing! The coverage can include your outbuildings onsite along with outdoor grills/fireplaces. A swimming pool may also fall under this plan if it meets certain criteria- but these higher risk items require extra attention so make sure you know what kind of insurance they need.

Homeowners Insurance Replacement Cost

It’s important to understand the details of your policy, and how much coverage you can expect in the event of a claim. Some lenders only require sufficient homeowners' insurance coverage to pay off your mortgage, but in most cases that will not be nearly enough to rebuild your home and replace everything in it. Replacement cost coverage policies pay for the actual cost to repair or replace your home and possessions at current prices – or at least come close depending on the limits of your policy. A cash value policy caps the amount you’ll be reimbursed for your home and its contents, less the depreciation. Depreciation is a big deal and it’s much better to have replacement coverage because that’s what you need to rebuild your home. You need to balance price and value!

Does Homeowners Insurance Cover Roof Replacement?

Homeowners Insurance can help pay to repair or replace your roof if the damage is a result of fire, storm damage, or any other reason that is included in the policy. Things like wear and tear, age, neglect, or abuse are not covered.

Does Homeowners Insurance Cover Water Damage?

Water damage from something like a burst pipe or failed washing machine hose is generally covered by a standard homeowners insurance policy, with the caveat that damage caused by a lack of maintenance is typically not covered. Flood insurance is not included in a standard policy, nor is a backup from a clogged drain or a failed sump pump. Additional coverages may be available at extra cost.

Does Homeowners Insurance Cover Termite Damage?

Damage caused by termites is generally considered preventable, and thus caused by the homeowner’s lack of attention and proper maintenance. In some circumstances such as a fire caused by a termite chewing through wiring, some insurers may provide coverage.

Does Homeowners Insurance Cover Mold Damage?

Mold is generally not covered by homeowners' insurance. Some companies cover mold damage with limitations, for example, if it’s caused by a covered event like a burst pipe. If mold damage is deemed to be the result of a lack of maintenance, it is generally not covered.

Does Homeowners Insurance Cover Foundation Repairs?

Damage to the foundation of your home is covered if it is caused by a storm, fire, or other event that is included in a homeowners insurance policy. Flood and earthquake damage do require separate policies. Damage caused by neglect, lack of maintenance, or faulty construction is not covered.

Gateway Insurance Network Offers Help!

If you are wondering what your current insurance policy covers, please contact us. 

We would love to help answer any questions and provide a quote for an updated home insurance plan customized with the coverage that best fits your needs.

And if you’ve never had a conversation with one of our agents about insurance specifics, now is the time! Our team will be happy to speak at length to make sure that your family has everything they need in case anything happens. Give us a call today and we can answer any question or concern for free and without obligation.