Michael Santos

MLB Residential Lending

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Homeowner’s Insurance: What’s Covered, What Isn’t and Why You Might Need It

January 30, 2015 by Michael Santos

Homeowner's Insurance: What's Covered, What Isn't and Why You Might Need It Homeowner’s insurance is an incredibly valuable and beneficial policy for homeowners to have, but it is necessary to understand what traditional policies do and do not cover. Once you familiarize yourself with the intricacies of various plans you will be better educated to make the proper decision when selecting your desired level of coverage.

What’s Covered In Homeowner’s Insurance?

The majority of homeowner’s insurance plans will cover dwelling and other structure protection, personal property protection, natural disaster protection, and bodily injury liability protection. Dwelling and other structure protection plans cover damage to your home and other structures that are directly connected to the home, such as the garage. Personal property protection covers damage or loss of personal property within the dwelling. Natural disaster protection covers your home should a natural disaster cause damage, but note that natural disasters such as flooding and earthquakes typically are not covered. Finally, bodily injury liability protection typically covers injuries to individuals while on your property.

What Is Not Included In Homeowner’s Insurance?

As mentioned above, two of the major natural disasters that are not covered by homeowner’s insurance are flooding and earthquakes. There are specific insurance plans that cover flood damage and earthquake damage, but you’ll find that the vast majority of common homeowner’s insurance plans do not cover these types of disasters.

Homeowner’s insurance does not typically cover home business equipment either. If you are running a business from within your home, small business insurance is required to mitigate your risk.

Personal property over a certain value is also not typically covered unless supplemental coverage is purchased. Items such as expensive musical instruments, artwork, jewelry, and silverware should have their own insurance policy which is dedicated to valuable personal property.

Why You Might Need Homeowner’s Insurance

Homeowner’s insurance is intended to help protect you against the unexpected. You never know when a natural disaster such as a tornado or a lightning strike which causes a fire within your home might occur. Accidents do happen, and a visiting friend or relative can be injured on your property. Homeowner’s insurance is a great protection plan to have to make sure that both you and your property are covered should disaster strike.

Filed Under: Around The Home Tagged With: Around The Home, Home Maintenance, Insurance

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Branch Manager Executive / Mortgage Loan Originator

Top Loan Originator Since 2001

Call (908) 296-6608

NMLS #199875
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MLB Residential Lending, LLC.
NMLS# 1101220
1095 Morris Ave.
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Union, NJ 07083

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Michael Santos is not licensed in NY and this site is not intended for NY loans.
Michael Santos NMLS #199875 • MLB Residential Lending, LLC. NMLS# 1101220. Michael originates NJ loans only. MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS#: 1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License # MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services. THIS SITE IS INTENDED ONLY FOR NJ CONSUMERS.

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