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Homeowner Insurance 101

Homeowners insurance, also known as property insurance, acts as a safeguard from weather-related damage, in addition to unforeseen events that may occur on the property. Some homeowner insurance policies do not include coverage for natural-disasters, such as tornadoes, hurricanes, or floods. These acts of nature generally need a separate insurance policy.

Here at Thanks Al, we’ve compiled a list of questions we commonly get about homeowner insurance. If you have a question, and it’s not listed below, please contact one of our knowledgeable insurance representatives.

Why should I buy homeowners insurance? Home owners: Homeowners insurance safeguards both your house and personal property. Tenants of rental properties: This insurance protects your personal property. All parties: Having insurance coverage protects against liability for unforeseen events/accidents that results in injury of another party or damages their property.

What does a homeowner insurance policy cover? Homeowner insurance covers damage cause from incidents such as fire, theft, and defacement to your house, adjacent structures (i.e. garage or shed) and personal belongings. The insurance policy also covers living expenses if your house becomes temporarily unlivable. It also covers the liability in the event that you or a member of your household injures someone or causes damage to their property.

Are any items in my home not covered by my policy? Most possessions are covered up to stated limits for covered perils, such as theft or fire. Items including money, securities, watercraft, grave markers, trailers, and guns have coverage restrictions. If you were to lose a bracelet or drop an antique, it would not be covered, unless the possession was specifically insured. Damage to property or personal possessions by pets is not covered by a homeowner policy. Your Thanks Al representative can inform you of your policy’s specific coverage limits.

Visit our website to learn more about our homeowner insurance policies.

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