What is Covered in A Basic Homeowner Insurance Policy

Homeowner Insurance Policy

As more people put buying a home on their 20204 bucket list,  homeowners’ insurance in Albany NY becomes more of a popular topic. So let’s take you through all the things that are often covered in your basic homeowners insurance policy. 

Your Home’s Structure

This is the aspect of your homeowner’s policy that covers the cost to repair or rebuild your home if it’s damaged or destroyed by things like fire, hurricanes, lightning, or anything else covered in your policy. Often this does not include loss due to floods earthquakes or normal wear and tear.

In addition, you will have to enquire to see if any detached structures like a tool shed, entertainment area, or gazebo are covered, but they are often included for about 10% of the price of your home.  

Your Items

In a general policy, things like your clothing, furniture, technology, and equipment are covered if they’re stolen or destroyed in a loss for which you are insured. Many companies only offer coverage for 50-70% of your coverage of the belongings. So, if you have $100k worth of insurance on your home structure, $50-70k will be the cover for your belongings.

If you think this isn’t enough, you may need to conduct a home inventory to get a more accurate price point for your items. 

In addition, items like jewelry, silverware, and other things that are expensive or rare are often covered in a general sense, but this may not be enough if you want something more specific here you will need to speak to your insurance agent.  

Liability Protection

This is protection against lawsuits for property damage or liability that you or your family may cause to others. This also often includes pets. So, if your dog husband, or children destroy your neighbor’s fence, it’s covered. But if the neighbor destroys your rug you aren’t covered (but they may be if you decide to pursue legal action). 

Occasionally policies also cover guest medical cover if a friend or neighbor is injured in your home or property.  

Extra Living Expenses 

This is coverage for the costs of living away from home while your home is rebuilt or restored after a covered disaster or loss. Coverage of this kind handles hotel costs, restaurant meals, and other living expenses while construction is underway. This can often be 20% of the insurance on your house and you can increase this coverage or an additional cost. 

If you want to get more information on your first homeowner’s insurance, contact the independent agents at NY Insurance Hub to help you understand state requirements and get you the best price possible!

NY Insurance Hub Agency

125 Wolf Rd STE 404 Albany,

NY 12205 518-783-0105

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