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Owning a home is one of life’s biggest accomplishments. With this in mind, you undoubtedly want to protect the roof over your head and everything under it, especially in the event of a restoration disaster. Homeowners insurance is a smart way to protect your property in the event of fire, water, storm, or mold. As your locally trusted restoration company, FloodSERV has seen the detriment of inadequate homeowners insurance, as well as ignorance of your policy and its coverage. For this reason, we’re sharing helpful information about the importance of homeowners insurance.

What is Homeowners Insurance?

You’ve likely heard this term tossed around, and you may even already have secured coverage, but understanding the purpose of homeowners insurance can help you make better decisions about your property. Homeowners insurance offers financial protection, and in some cases, compensation, should you experience a disaster or accident in the house.

Some homeowners are of the mindset that they can handle any unexpected situations that may occur, but in all actuality, this insurance is a necessity and not a luxury.

What is Covered by Homeowners Insurance?

While it may seem obvious, homeowners insurance typically insures your main dwelling and the belongings within. This protection will usually extend to detached structures such as the garage, shed, fence, and other fixtures. This means that if you were to have a fire, your policy could cover fire damage restoration to the home and any detached structures, as well as your affected items like clothing, furniture, and artwork depending on the policy.

To take things a step further, you will also come across policies that compensate for additional living expenses such lodging, travel, and food in loss of use cases in which it is unsafe to inhabit your property. Finally, liability coverage protects you in the event of injuries sustained that were caused by you or your family or pet on your property. If you aren’t a homeowner, renters insurance offers similar assurances.

homeowners insurance

What is Not Covered by Homeowners Insurance? 

Homeowners insurance is a necessity with the unpredictability of life. However, you should know that even when you are trying to cover all of your bases, there may be some limitations. For instance, floods and earthquakes will generally require a separate policy depending on your location. 

Furthermore, if you have a restoration disaster that is the result of poor maintenance or negligence, you could possibly be required to foot the bill. Most policies cover sudden, accidental losses such as a burst pipe.  

How Much Coverage Do You Need?

In an ideal world, you home would be insured at 100%. It is not uncommon to find policies that cover 80-90% though. There are a few considerations that will help you choose adequate coverage. You’ll want a policy that covers: 

  • The main house
  • Personal belongings.
  • Additional living expenses 
  • Civil liability with third parties

FloodSERV Coordinates with Your Insurance Company 

You may be wondering where FloodSERV comes into play with your homeowners insurance policy. We work to restore your home or business to pre-loss condition all while coordinating with your insurance provider to help make sure you are covered for any damages and accrued costs. Count on our technicians to cooperate with your insurance adjuster each step of the way. For more information about homeowners insurance, visit the Insurance Information Institute website. 

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