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Best Homeowners Insurance Components

The major components of the best homeowners insurance can be classified as property or liability coverage.

1. The Physical Structure of Your Home

This refers to your dwelling, attached structures, and property that are permanently installed (e.g., garages, tool sheds, landscaping, trees, shrubs).

As one of the components of the best homeowners insurance you should look for, this will enable you to rebuild your home when damage is caused by the risks listed in your policy. Damage due to earthquakes and floods are typically not covered by regular homeowners insurance but the following usually are.

  • fire or lightning
  • windstorm, hail, tornadoes
  • weight of snow, sleet, ice
  • freezing of plumbing, air-conditioning, etc.
  • explosions
  • falling objects
  • vehicles
  • aircrafts
  • smoke
  • theft, vandalism, malicious mischief
  • riots or civil disturbances

2. The Contents of Your Home

This means your furniture and personal items (clothes, books, etc.) and these are usually covered for theft, fire, and other risks listed in your policy. However, very expensive belongings such as jewelry art, and furs, may have limited coverage against theft.

If you want your high-priced possessions to be insured for their full appraisal value, your policy should have a homeowners insurance rider (available for additional cost) that includes the items.

The homeowners insurance deductible is the amount you will pay out of your own pocket, and the remainder of the damages are typically covered by your insurance company.

A bigger homeowners insurance deductible means you agree to shoulder more of the damage expense, which lessens your insurance company’s risk and thus drives down the cost of your premium. However, you will end up shouldering a bigger part of the expense in the event of an accident.

3. Liability Protection

This coverage will protect you in case of lawsuits. It covers your defense and any award for damages up to your policy’s limit. Moreover, it also takes care of medical costs in case a guest is injured in your home.

4. Temporary Displacement Costs Due to Disaster

This covers risks when included in your policy that make your dwelling inhabitable. For a limited time, it usually covers hotel, food, and other living expenses. If you rent out part of your house, this may cover any lost rent.

Homeowners Insurance – Items for Exclusion

A policy will usually have any or all of the following items listed as an exclusion:

  • neglect
  • intentional loss
  • general power failure
  • earthquakes and floods
  • war damage

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