What is Homeowner's Insurance?
- Charlotte Burr
- 2 days ago
- 3 min read
While searching for a house to call your own, you have most likely also discovered a
need for homeowner’s insurance. But what is home insurance, exactly? And what
does home insurance protect you from?
Homeowner’s insurance, also called hazard insurance by mortgage companies,
protects your home in the event of a covered loss. But what constitutes a covered loss?
It‘s a sudden and unexpected that causes damage to your home, such as fire, theft,
vandalism, windstorms, or hail.
If your house were to be damaged in the event of a covered loss, homeowner’s
insurance could cover that damage. So, what coverage does home insurance provide
in the event of a covered loss? Well, it covers quite a few things.
Dwelling Coverage – This covers the structure of your home itself and kicks in in
the event of a covered loss.
Personal Property Coverage – This covers belongings like clothes, furniture,
televisions,cell phones, and just about anything not bolted down. It might not,
however, cover things like expensive jewelry or large collections. Always check
your policy!
Other Structures Coverage – This covers any additional structures on your
property, such as fences or sheds and kicks in in the event of a covered loss
Personal Liability Coverage – This covers any harm that might be caused to non-
residents of the home, such as a neighbor who fell down your stairs and was
injured.
Loss of Use Coverage – This covers any living expenses, such as the cost of
meals or a hotel stay, that might arise as the result of your house being rendered
unfit to live in after a covered loss.
There are a few crucial things that home insurance does not cover, however.
Routine Wear and Tear – Wear and tear happens naturally, and home insurance
may not help to repair damage caused by wear and tear, such as a roof
developing a leak because the sun rotted away some of the shingles.
Lack of Maintenance – It is the property owner’s responsibility to replace things in
a timely manner if they are no longer suitable. If you fail to maintain the
plumbing, a leak occurs and goes unrepaired for months.
Flood – Home insurance does not cover floods. That would fall under flood
insurance, an entirely separate type of insurance
Now that you have a better understanding of home insurance, you’re ready to continue searching for the house of your dreams. And, if you would like to purchase home insurance, give AZ Insurance Team a call! As an Arizona-based insurance broker, we can help you find the right policy for your needs and budget. You can reach us at 480.535.5709 or request a quote.
To request a homeowner’s insurance quote, go here.
How AZ Insurance Team Has Your Back
At AZ Insurance Team, we’ve been serving the Valley for over a decade, helping families and individuals protect what matters most. Whether it’s reviewing your home, auto, or life insurance, summer is the perfect time to make sure you’re covered before the celebrations begin. Reach out today to review your policy and see how much you could save. Peace of mind is just a call or click away.
Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…
Disclaimer: Coverage will vary based on state, insurance company, and type of policy
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