Things You Might Not Know About Homeowner’s Insurance

Homeowner’s insurance is a popular form of insurance that protects the homeowner from financial responsibility when certain damages happen around the home. The forms of damage and loss covered by these policies are quite varied.

It Covers That, Too?

Common knowledge on the subject of homeowner’s policies often pertains to its coverage of things like hail, fallen trees, and plumbing leaks. But homeowner’s insurance covers far more than what people are commonly aware of. We review five such often-unknown facets of homeowner’s insurance coverage.

Damages and losses from a break-in or burglary are usually covered on most policies. This includes items taken as well as personal items and parts of the home damaged in the process. Grab-and-dash tactics can destroy furniture, break down doors, bust up walls, destroy carpet, and more. This is all covered. Check your policy as to whether coverage monies are calculated based on replacement cost or current value with depreciation.

Just about anything that could possibly fall from the sky is typically covered. This includes meteors, hail, space junk, airplanes, and most anything else imaginable. Such instances are quite rare, but do happen from time to time. Should you experience such an occurrence and carry homeowner’s insurance, all damages and losses will be covered by the insurer, not you.

A more curious but nonetheless helpful coverage involves gravestone and memorial maintenance. Whether located on or off the property, a family member’s grave-site and memorial hardware is covered by the usual homeowner’s policy. Vandalism, theft, and any other damages are all covered. However, in most cases compensation monies for this purpose cap at around $5,000.

While on the subject of morbidity, it is also noteworthy that should any type of gruesome event takes place, all cleanup costs will be covered. Murders, suicides and even accidents around the home can create a grisly scene that at times can be extremely difficult to remediate. As much as the subject is uncomfortable to think of, this coverage can prove to be extremely valuable in the aftermath of such events.

Yet another potentially valuable coverage item in most homeowner’s policies is pet-attack. Let’s say someone shows up at the door and for whatever reason, your dog bites them. If the pet in question is a dog, the breed must not be one that is known for being overly hostile. If the pet is some other kind of animal, it usually cannot be considered “exotic.” Check with your insurance company for the list of animals covered. If the animal is on your insurer’s eligible list, medical and liability costs of up to $300,000 are the standard coverage provisions.

The common theme here: there is much more to your typical homeowner’s policy than common knowledge. If you have any quirky coverage questions, ask your local agent. Chances are you will probably be surprised.

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Gil Martin is an insurance executive who earned his Master’s Degree in Actuarial Science in 1994. More of his expert advice can be found at Best Online Actuarial Science Degree Programs.