What Does My Homeowners Insurance Cover? An Introduction For First Time Home Buyers

What Does My Homeowners Insurance Cover? An Introduction For First Time Home Buyers – If there’s anything more complicated, frustrating and confusing than the endless rigamarole that goes hand in hand with trying to buy a home, most of us haven’t found it yet! There’s a lot more to putting your feet on the path to sound financial investment than signing a couple of documents, and part of that is making sure your investment is properly protected with a good homeowners insurance policy. 
Since homeowners insurance doesn’t do you a whole lot of good if you don’t know what you’re protected against, here ‘s a quick introduction to the wide, wonderful world of insurance for first time home buyers. Keep in mind that homeowners insurance companies aren’t monitored by any government agencies and don’t have anyone looking over their shoulders to make sure they’re offering the coverage they’re supposed to be, so not all coverage policies are the same. 
The short story is, make sure you talk to your homeowners insurance agent(s) as soon as possible to make sure you’re getting the full story. 
Standard coverage usually includes: 
·         Fire-It’s never something you actually mean to have happen, but let’s face it-sometimes that Cherries Jubilee just has a mind of its own! If there’s a fire in the house, whether it just blackens the ceilings or sends your home tumbling, your homeowners insurance is going to have you covered. 
·         Water Damage-It’s important to note that the water damage clause of your homeowners insurance policy probably is not going to cover flood damage, even if it’s the result of snow melting outside. If your pipes happen to burst, however, and wreak mass havoc inside your walls your home insurance coverage will help pick up the pieces. 
·         Hail-Roofs and windows hate hail, and huge chunks of ice falling from the sky can do a lot more damage than you’d think! Hail damages are usually considered to be a part of this complete homeowners insurance policy. 
·         Hurricanes (Wind Damage)-Hurricanes are a tricky subject when you’re talking about homeowners insurance, since the wind damages are going to be covered but any flooding damages will not. Regardless, if the shingles on your roof decide to go the way of the boy who could fly most home insurance companies are going to help you put things back together. 
·         Acts of God-This is a pretty broad category, and if you happen to have a named perils policy you’re going to want to confirm what all is covered under this clause. The short story is, an Acts of God clause will help rebuild your house if a tree comes crashing down on your roof or some other random act of nature causes damage to the place you call home. 
·         Theft­-This one’s pretty self explanatory. If someone breaks into your home and steals your electronics, jewelry, antiques or other valuables your homeowners insurance coverage will help replace them, less your deductible.
 
·         Vandalism-Again, this is fairly self explanatory. When the neighborhood kids decide to wreak a little havoc on Halloween (or any other night of the year) and use your walls for a canvas for their newest spray painting endeavors your homeowners insurance will step in and help cover the costs. 
·         Explosion-If your house blows up, whether due to a bomb or a leaky gas line, you’re going to be covered. Period. 
·         Vehicular/Aircraft Crash-Vehicles don’t particularly belong in, on or on top of your house, but sometimes things happen. When your home finds itself the unwitting victim of an off-road excursion, your homeowners insurance will be there.