What is Covered in a Home Insurance Policy

What-is-Covered-in-a-Home-Insurance-PolicyWhat is Covered in a Home Insurance Policy

Finding the right home insurance policy can be a difficult process. You want to balance the line between exceptional coverage and paying exorbitant costs. What is covered in a homeowner’s policy? How do you know if you are fully covered?

A traditional homeowner’s policy is known as the Form HO-3. The most common type of homeowners insurance, it is designed as a blanket policy and is one of the broadest types of insurance on the market. An HO-3 policy covers the structure and also includes coverage of personal property (to a certain limit), and liability coverage. Liability coverage protects the homeowner in the case a visitor is injured on your property. What HO-3 policies do not generally include, is damage due to flood, earthquakes, or nuclear accidents. Known as exclusions, coverage for flood or earthquakes typically requires additional coverage.

Homeowners policies are typically divided into sections: what’s covered, what it’s covered against, what isn’t covered, and general terms and conditions. As a homeowner, make sure you are aware exactly what is and isn’t covered under your homeowner’s policy. For example, if you have an expansive high end art or jewelry collection, a standard HO-3 policy may not be enough to cover your property in the event that it is damaged. You may need an additional floater policy. High end homes or collector vehicles are another example of items that need specialized coverage. Contact your insurance agent for details.

Always be entirely truthful with your insurance agent when applying for coverage. They will be able to help you better. If an applicant ever gives a false response to an underwriting question and the insurance company issues a policy, the insurance company may have the right to later deny a claim.

At the Byrnes Agency, we can help you decipher the ins and outs of Connecticut homeowners insurance policies.  We work with some of the most respected carriers in the country and can provide you with comprehensive Connecticut homeowners insurance at competitive price. Contact us today for more information.

Source: AOL Real Estate