What is Covered in a Standard Homeowners Insurance Policy?
What Does A Standard Homeowners Insurance Policy Cover?
There are probably not many things of more financial value to homeowners like you than the property you own. Thus, it’s critical to have a thorough understanding of the ins-and-outs of your home insurance coverage, and how it protects your home and your important belongings.
However, this type of insurance policy can be complicated. In fact, a typical homeowners insurance policy can be up to 25 pages long, and that’s not including any special endorsements that may have been added. While not many people really care to read through all these details – other than an insurance agent – this is actually an extremely important document for you to scrutinize.
While the best way for you to get personalized advice and analysis of your current homeowners policy is to talk one-on-one with a knowledgeable, local insurance professional, like Gilbert, our team is glad to provide a concise and general overview of what the standard home insurance policy typically covers.
The Five Coverage Areas of a Standard Homeowners Insurance Policy
The majority of homeowners today have a standard home insurance policy, called an HO-3 Special Form. This insurance option provides you with an excellent balance between having broad coverage for your home and belongings and paying an affordable premium for this level of protection.
Let’s take a closer look at the five key coverage areas in an HO-3:
We hope that this overview has given you a clearer understanding of what is covered by a standard home insurance policy, and some of the things that are not. However, believe it or not, we have barely scratched the surface of the details in your insurance documents. For example, we have not gone over the meaning of any riders that may have been added to your policy or your carrier’s specific policies and procedures. If it’s been awhile since you’ve had an individualized review of your homeowners policy, we encourage you to set up a meeting with an experienced insurance professional.
When you choose to become a client of Gilbert Insurance, our team will examine each and every coverage area in your homeowners policy to determine whether or not you have purchased enough protection for your unique property and everything in it. In addition, we will review with you some of the perils that your insurer may have excluded and help you decide whether you should purchase additional insurance when available to close these gaps in coverage.
Our team works hard to make sure that you are not under- or over-insured and that you’re not paying too much for your policy. Most important, though, we want to ensure that you understand how your insurance is set up to protect your most important assets.