Your home’s physical structure is usually the most significant investment you’ll make in your lifetime. Homeowners insurance helps protect that investment by covering repair or replacement costs if your home is damaged or destroyed.

However, many people don’t know that homeowners insurance can also protect them in other ways. In this blog post, we will discuss four different ways homeowners insurance can help you in the event of an emergency. The goal is for you to understand what it covers and how it can help you.

So what exactly does homeowners insurance protect?

Liability Coverage

This type of coverage is designed specifically for accidents that can occur on your property. If someone is injured while visiting your house (such as a child falling out of your tree), then this policy will pay out per person or per accident based on the limits in the policy.

Home Structure Coverage

This type covers damage caused by fire, windstorms, hailstorms, or snowfall. It also provides coverage for structures attached to your home, such as a garage. The goal of this coverage is to protect the physical structure of your home in case of damage, theft, or vandalism.

Personal Belongings Coverage

Homeowners insurance will cover your belongings in case of a burglary, and it even will protect you if your items are stolen away from your home. For example, if someone breaks into your car and steals your laptop, the homeowners insurance policy will help to replace it. Check your policy documents for the exact limits they cover you for.

Additional Living Expenses

If something happens to your home and you can’t live in it while it is being repaired, then additional living expenses (ALE) coverage will help to pay for the costs of living somewhere else. This includes hotel rooms, restaurant meals, and even laundry services. Most policies have a limit of about $2000 per month. Again, check your policy documents to know the exact limits they cover you for.

Review Your Policy Annually

Make sure you review your homeowners insurance policy regularly to ensure that it still meets your needs. You may want to add or remove coverage depending on changes in your life. For example, if you have children who are now adults, you may no longer need coverage for their personal belongings.

For more information about homeowners insurance, please visit our website or contact us today. We at Calhoun Agency, Inc. would be happy to answer any questions you have.