The losses covered by home insurance vary depending on the policy, but some common covered losses include:
- Damage to the structure of your home from fire, lightning, windstorm, hail, explosion, vandalism, theft, falling objects, weight of ice or snow, and other events.
- Damage to your personal belongings from fire, lightning, windstorm, hail, explosion, vandalism, theft, falling objects, weight of ice or snow, and other events.
- Loss of use of your home if it is damaged or destroyed and you need to temporarily live elsewhere.
- Medical payments to others who are injured on your property, regardless of fault.
- Additional living expenses if you are unable to live in your home due to a covered loss.
Some policies may also cover other losses, such as:
- Flood damage (if you purchase a separate flood insurance policy).
- Earthquake damage (if you purchase a separate earthquake insurance policy).
- Mold damage (if your policy specifically includes this coverage).
- Loss of use of your car if it is damaged or destroyed in a covered event and you need to rent a car.
It is important to read your policy carefully to understand what losses are covered and what the limits of coverage are. You should also keep a home inventory of your belongings to make it easier to file a claim if you need to.
Here are some additional things to keep in mind about home insurance losses:
- Theft is typically covered, but there may be a deductible.
- Damage caused by gradual wear and tear is not covered.
- Damage caused by your own negligence may not be covered.
- Some policies have a waiting period before coverage takes effect.
If you have any questions about what losses are covered by your home insurance policy, you should contact your insurance company.