Homeowners Insurance
Your home and belongings represent a significant part of your life. Understanding what a policy covers, where limits apply, and what may require additional protection can help you have a more informed conversation about insurance.
What does homeowners insurance cover?
Homeowners insurance generally combines several types of protection. Depending on the policy, these may include:
Your home and other structures: Coverage to repair or rebuild after damage from a covered event.
Personal belongings: Coverage for possessions such as furniture, clothing, and electronics if they are stolen or damaged by a covered event.
Personal liability: Protection against certain claims that you are legally responsible for someone else’s injuries or property damage.
Additional living expenses: Help with certain increased living costs if a covered event makes your home temporarily uninhabitable.
Each part of the policy has its own terms and limits. Deductibles may also apply.
What may require additional coverage?
A standard homeowners policy does not cover every cause of damage. Flooding and earthquakes generally require separate coverage, while routine maintenance and wear and tear are typically excluded.
Jewelry, artwork, and other valuable belongings may have special coverage limits. Ask whether additional protection is appropriate for items you own.
How much coverage should you consider?
The cost to rebuild your home may differ from its purchase price or current market value. An insurance professional can help you assess rebuilding costs and review coverage for your belongings and liability.
It is also useful to understand how a claim would be paid. Replacement-cost coverage and actual-cash-value coverage calculate losses differently, with actual cash value generally accounting for depreciation.
Keeping an inventory of your belongings, including photographs and receipts where available, can help you evaluate coverage and document a loss.
What if you rent or own a condo?
Renters insurance generally covers personal belongings, certain liability claims, and additional living expenses following a covered loss. Your landlord’s insurance typically protects the building rather than your possessions.
Condo insurance should work alongside the association’s master policy. Review both to understand responsibility for your unit’s interior, personal belongings, and shared property.
If you rent out a property you own, tell your insurer how it is used. Ask whether landlord coverage or other additional protection is needed.
Questions to ask an insurance professional
Which events are covered, and which are excluded?
How are rebuilding costs and the value of my belongings determined?
What deductibles apply, including any separate storm deductibles?
Are the people in my household and their belongings appropriately covered?
Do I need additional protection for valuables, flooding, or other risks?
Find an insurance professional
Connect with an LGBTQ+ or affirming insurance agent to discuss your home, household, and coverage needs.