Compare Home Insurance Coverage
Before you shop home insurance quotes, it can be helpful to learn about the different types of home insurance. Read on to compare home insurance coverage options. A standard home insurance policy typically has four components:
- Dwelling coverage: This type of coverage covers the structure of your home and any attached buildings. Learn more
- Personal property coverage: This covers all your personal possessions in the event they are stolen or damaged. Learn more
- Liability coverage: If someone is injured in your home or if you damage someone else’s property, you may be held liable if you are considered at fault. Liability coverage helps pay for any resulting medical or legal fees. Learn more
- Loss of use coverage: If your home is seriously damaged and you need to move out while it is being fixed, loss of use coverage provides compensation for hotel or rental costs, as well as for other related expenses.
Optional home insurance coverage can include:
- Medical payments coverage: Provides additional coverage for medical expenses if someone is injured on your property, no matter who is at fault. Learn more
- Personal property replacement costs: When calculating the cost to replace your items in the event they are stolen or damaged, home insurance typically uses the actual cash value. Since most possessions typically lose value or depreciate with time, the home insurance payout you would receive can be less than what you originally paid for your items. With optional replacement cost coverage, home insurance would instead pay you the amount you actually paid for your possessions.
- Personal property coverage for jewelry and expensive items: Additional insurance, known as a “rider,” can be purchased to cover expensive possessions, like jewelry, art, collectibles, bicycles, music or sports equipment, etc.
- ID theft restoration: If your identity is stolen, this can help pay for legal fees, lost wages, and other related expenses.
- Data recovery: Helps pay for data recovery services in the event your computer or device crashes and you lose your documents, pictures, and other files.
Compare the Best Home Insurance Quotes for Your Coverage Needs:
What is Not Covered?
Certain hazards are typically not covered in a standard home insurance policy. These can include:
Separate policies can be purchased to get coverage for these types of hazards. It is strongly recommended to do so if any of these hazards are expected or common in your area.
Additional perils or hazards could be excluded from home insurance. When comparing coverage, it is important to ask your agent what exactly is included vs what is excluded from coverage.
Why Do I Need Home Insurance Coverage?
Risk can be found in and around your home. From dangerous weather, natural disasters, unfortunate accidents, or crime, there is always the potential for your home to be compromised.
Fixing a severely damaged house or replacing your possessions after being robbed can be incredibly expensive. Most of us are not prepared for the sudden costs associated with such peril. By having home insurance ahead of time, you can protect yourself from financial devastation and have the peace of mind that you’ll be able to recover what was lost if something happens.
Your home is likely your most valuable asset, with both financial and sentimental worth. As the place that shelters you, your family, and your possessions, it’s important to protect it with home insurance. By being prepared for risk today, you can give yourself a safer and more stable tomorrow.
Renters insurance is similar to home insurance, but with a few key differences. Since renters do not own the building they live in, they cannot be held liable for structural damage, so their policies do not include dwelling coverage. This makes renters insurance considerably less expensive than home insurance, though no less important. Learn more
CompareHomeInsuranceQuotes.com makes it easy to shop coverage from leading companies. Compare quotes now and save up to $510/year*!