It is vitally important to know what is covered in your home insurance policy. All of them won't be the same, but they will have the same basic essentials. Your home insurance policy will cover: damages to any buildings in your “structure of home”, the costs of your stolen belongings, and any extra costs and expenses if you are unable to live in your home for a certain period of time. Home insurance policies usually come with liability coverage as well.
As for the “structure of home” phrase, this refers to your home and all other buildings near it (that you own of course); such as a tool shed and/or a separate garage. Your home's roof, walls, windows, and pipes are all included in that phrase and if anything happens to those areas, you will be covered. Basically, your home, as a “whole", is covered for all damages.
If theft is a problem in your area, your home insurance should keep your mind as ease. Of course, the idea of being robbed is not something people want to think about, but it happens everyday. If you are in fact a victim of theft, your home insurance will cover all of the belongings in your home. Unfortunately, you just can't say you were robbed and someone stole your 60’ plasma television, $500 stereo, computer, DVD players, Playstation 3, XBOX 360, and expect the insurance provider to give you a big check. It doesn't work that way.
Its true that you may have had all those things, but the home insurance provider will not just take your word for it. Obviously, you will be covered for a certain amount of stolen goods, but its important to take careful inventory of your possessions and update your policy as often as possible. Thats not to say you should update your policy every time you buy something new, but you should do it every few months; or at the very least, twice a year.
If you are unable to live in your home due to extensive damage or other reason, your home insurance policy will cover the costs of your living arrangements; such as food and lodging. But, that specific part of your policy will vary, as each home insurance provider is different. The liability coverage in your policy basically takes care of legal and medical expenses. That means if/when a person injures themselves while in your home, you will be covered for all upcoming expenses. For instance, a house guest slipped and fell down a flight of stairs in your home. In the process he broke his arm, so he decides to sue you. The home insurance policy will cover that little legal fiasco, saving you a lot of time and money in the process.
If your unsure on what exactly your home insurance policy covers, get in touch with your provider. They will answer all the questions you have as well as shed some light on things you knew nothing about. Its your home and the biggest investment you will ever make, so do all you can to protect it and yourself. You'll be really sorry if you don't!
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