Your Homeowners' Policy Can Cover More Than Just Your Home

Homeowners’ policies are meant to protect damage to our homes and property (such as barns, pools, and garages), of course. But did you know that this coverage can apply to much more than just a dwelling? Be sure to review your policy so you understand what it covers. Below is a partial list of things that may be covered by a standard homeowners’ policy. 

Valuables. Certain possessions have not only a strong sentimental value, but they can be worth quite a bit of money, as well. Think of family heirlooms like jewelry, china, or firearms, or certain stamp or coin collections. Your homeowners’ policy may include coverage for these items, or you may opt to purchase policies specifically for certain valuables.

Boats (under a certain size). Boats can be covered under a homeowners’ policy if it is physically damaged while stored on your property—the coverage may not even include the time you’re in the water. It is recommended that you purchase a separate policy specifically for boats as your homeowners’ policy only provides minimal coverage for certain incidents.

Service lines. This is a new type of coverage that many providers are adding to their policies.  Service lines are needed for our home’s most basic functions—water, sewer, electricity, cable, and heat—and they can be damaged by a wide range of things (animals, nature, or plain old age). Repairing these lines can be costly. Besides paying for the actual repair, a homeowner may have to dig up some or all of a sidewalk, driveway, or lawn, which would then need to be replaced. It’s not unusual for the entire fix to cost several thousand dollars, the expense of which usually falls on the homeowner. More providers are adding service line coverage to their policies, which will help the homeowner offset a portion if not all of the repair expenses. 

Personal belongings stolen from a car.  Most people think that a car insurance policy covers anything and everything related to your vehicle, but that’s not the case. If you have an item like a laptop, or something even more valuable like your purse, stolen from your car, your homeowners’ policy may offset some of what was lost.

Loss-of-use. If you’re having major work done to your home due to a covered loss, you may be displaced for a period of time and need to live in temporary housing. Your policy may cover your room and board at a hotel or other lodgings while the repairs are going on.

Policies can vary greatly so it’s best to speak with your agent about what yours includes.

Were you ever pleasantly surprised by what your homeowners’ policy covered? We’d love to hear from you in the comments below!