What Does My Home Insurance Policy Cover?

Home Insurance Policy, Liability, Natural Disasters

Purchasing a home insurance policy may be confusing for first time home buyers. Home insurance policies provide broad coverage for an array of unexpected events that can arise in connection with your home. There are many types of policies depending on your budget and your risk tolerance.  It is important to remember that the policy will only provide coverage for events that are explicitly listed as covered events. In general, most policies cover the following events: fires, lightning, windstorms, explosions, theft or vandalism, damage from aircraft and vehicles, falling objects, and freezing of major household systems.

Many homeowners may be surprised to learn that standard policies don’t include certain catastrophic events. Much to the dismay of many first-time homeowners, “acts of God” or natural disasters are typically not covered under a basic home insurance policy. This is particularly the case if the home is located in a high-risk area, such as a flood plain. Homeowners typically must pay more for this type of coverage in a supplemental policy. In some cases, a general policy will cost more to cover natural events in certain high-risk areas. Coverage also varies with the type of natural disaster. For example, flooding is generally excluded from most policies when damage results from storm surges and flooded rivers. However, if pipes in your home explode and result in flooding, most policies will cover that type of water damage. Moreover, while flooding from storms such a hurricane is not typically covered, wind damage that results from these storms is usually covered.

A homeowner’s policy also protects the owner from liability for injuries that occur on his property, such as slips and falls. Personal liability insurance is part of a homeowner’s standard policy and will cover the cost of damages that you (and others on your policy) are responsible for incurring. This portion of the policy will absorb the costs of defending you in any litigation related to the incident and any subsequent judgments. In addition to bodily injury incurred by a guest in your home, home insurance will cover accidental damage you cause to another person’s property.

The experienced team of attorneys at the Law Offices of Mark Weinstein, P.C. can help you litigate your real estate claims. Contact Mark Weinstein and his colleagues at (770) 888-7707 or visit them at https://www.markweinsteinlaw.com to find out how they can advise you.

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