A Guide To Homeowners Insurance Coverage

If you own a home or are thinking of purchasing one, it’s important to know the ins and outs of homeowners insurance. This type of insurance will protect you and your Denver property in the case of unexpected events that impact your home. Here, we’ll dive into the details of homeowners insurance coverage and why it’s crucial for homeowners across the nation. 

Defining Homeowners Insurance

What exactly is homeowners insurance? It’s a type of insurance that provides financial protection for your home, property, and/or belongings. If your home were to be damaged, homeowners insurance would provide financial compensation to cover the cost of restoring it. 

Homeowners insurance generally provides coverage for repairing your property and replacing your belongings. It may also offer protection in case you cause injury to someone else or damage another’s belongings. 

Homeowners Insurance is Necessary. 

Property protection is essential in this unpredictable world. Homeowners insurance isn’t an optional source of protection – it’s a crucial one. If anything were to severely damage your home, you shouldn’t have to scramble to pay for the repairs or drain your savings to do so. In this situation, you need the peace of mind that your property will be restored and covered by insurance. 

While homeowners insurance isn’t legally required, it’s an important protection for your financial future. Trust us – don’t hold off on purchasing this essential form of insurance!

What’s Covered Under Homeowners Insurance?

We’ve already established what homeowners insurance is, as well as the basic protections that it provides. Now, let’s break down what’s covered under homeowners insurance into more detail. Keep in mind that the exact protections you receive will depend on the specific homeowners insurance policy that you select. 

Home Damage

One of the key protections that homeowners insurance provides is for damage to your home. If your home is damaged due to certain factors outside of your control, your insurance company will provide compensation for the repair costs. 

Damage due to disasters like fire, lightning, tornadoes, and hurricanes is covered by virtually all homeowners insurance plans. However, damage caused by floods and earthquakes isn’t usually covered. But, you can often add coverage to your policy for an added charge to ensure that these types of damage are covered. 

Damage To The Contents of Your Home

Homeowners insurance also provides protection for most of the belongings inside of your home. Furniture, appliances, and clothing are among the most significant belongings that you can receive compensation for under homeowners insurance. But, the amount of coverage for your belongings generally has a dollar limit. This limit is provided as a percentage of the amount of insurance that you have for the home structure. For homeowners with many valuable belongings, it may be prudent to purchase extra coverage. 

Off-Premises Coverage

Your belongings don’t necessarily need to be in your home to be protected by homeowners insurance. Off-premises coverage provides protection for lost or damaged belongings outside of your home. But, the cap on off-premises coverage is much tighter than that of coverage for your in-home belongings. So, off-premises coverage may not cover the full cost of the damage to belongings outside of your home. 

Personal Liability

Homeowners insurance includes liability coverage. This offers protection for any lawsuits filed against you for accidents both in your own home and in others’ homes. For example, if you damage property in another’s home, you can file a homeowners insurance claim to receive compensation for the reimbursement. If the other person sustains an injury due to the damage that you caused in their home, you can also file a claim to cover their medical bills. 

Your pets also fall under the umbrella of liability coverage from your homeowners insurance policy. So, if your dog bites your neighbor, for example, you can get compensation from your insurance company to cover their medical care for the bite. 

Homeowners Insurance Appraisals

To receive the maximum compensation for your homeowners insurance claim, you’ll need a fair and thorough appraisal process from a skilled team. 6060 Group has a team of expert appraisers with years of experience in insurance adjusting, construction estimating, and negotiation. We take pride in our accurate, impartial services for assessing property and resolving disputes.