When we get sick or require medical services, we rely on health insurance to help cover the expensive medical bills we receive. Our homes need similar protection, and that’s where homeowner’s insurance comes in!
This type of insurance provides homeowners with financial protection in the event of an accident or disaster involving the home. Policies aren’t one-size-fits all – they are customized to each homeowner’s individual and personal needs.
What Does Homeowner’s Insurance Cover?
- Dwelling Coverage
Homeowner’s insurance covers damage and destruction caused by natural disasters like fire, smoke, wind, lightning, hail, hurricanes, and tornadoes.
- Other Structures Coverage
If you have other structures on your property like a detached garage, shed, or fence, they are just as susceptible to damage and natural disasters as your home. Homeowner’s insurance policies offer coverage of any other structures on your property.
- Liability Coverage
Liability insurance can be included as a part of your homeowner’s insurance and is beneficial if a guest has an accident and is injured in your home. This protection will help to cover your legal expenses (if sued), a guest’s medical bills, an insured party’s lost wages, and costs of repairing damage that you accidentally cause to someone else’s property.
What Does Homeowner’s Insurance NOT Cover?
Larger natural disasters like floods and earthquakes are not typically covered by standard homeowner’s insurance policies. If you live in an area where these disasters are a legitimate threat, there are separate types of insurance policies available to protect your home.
Accidents and disasters caused by poor maintenance of the home aren’t normally covered, since it is the homeowner’s responsibility to take care of the personal items and appliances they keep inside their house. However, personal property insurance policies are available to protect your valuable possessions in case they are damaged or stolen.
Like other insurance policies, homeowner’s insurance does have a maximum amount that it will pay towards covered losses. It’s possible to adjust your coverage limits to meet your personal needs by taking into account the total value of your home and the personal property inside, as well as how much it would cost to replace or repair them if they are damaged or destroyed.
If you’re looking for homeowner’s insurance in Maryland, look to the professionals at Freedom Insurance. We represent a number of top-rated, highly respected regional and national insurance companies. Contact us today to get a quote on homeowner’s insurance, or to learn more about the services we offer.