What Is Homeowners Insurance?

Homeowners insurance serves as a financial safeguard against unforeseen calamities. A standard policy offers protection for both your home and the belongings housed within it. Homeowners' insurance is classified as a comprehensive package policy. This means that it encompasses coverage for property damage as well as liability or legal obligations arising from injuries or property damage caused by you or your family members, including incidents involving household pets.While most types of disasters are covered, there are certain exceptions. Notably, damages caused by floods, earthquakes, and inadequate maintenance require separate policies. Flood and earthquake coverage necessitate the purchase of two distinct policies, while the responsibility for maintenance-related issues lies with the homeowner.

What does a typical homeowners insurance policy cover?

• Coverage for the structure of your home: This part of the policy pays for repairing or rebuilding your home in the event of damage or destruction caused by specific disasters listed in the policy, such as fire, hurricane, hail, lightning, and others. However, it does not cover damage from floods, earthquakes, or regular wear and tear. It is crucial to ensure that you purchase enough coverage to rebuild your home
  
• Coverage for detached structures: Most standard policies also provide coverage for structures separate from your home, such as garages, tool sheds, or gazebos. Typically, these structures are covered for approximately 10% of the insurance amount for your home's structure. If you require additional coverage, you can discuss it with your insurance agent
  
• Coverage for personal belongings: Your furniture, clothing, sports equipment, and other personal items are covered if they are stolen or damaged by fire, hurricane, or another insured disaster. Generally, insurance companies offer coverage for 50% to 70% of the insurance amount for your home's structure. For example, if you have $100,000 of insurance for your home's structure, your belongings would typically be covered for $50,000 to $70,000. To determine if this coverage is adequate, conducting a home inventory is recommended.
  
• Coverage for off-premises belongings: This part of the policy includes coverage for your belongings even when they are outside your home, anywhere in the world, unless you have opted out of off-premises coverage. Some companies may set a limit of 10% of the insurance amount for your possessions.
• Coverage for valuable items: Expensive items like jewelry, furs, and silverware are covered, but there are usually specific limits if they are stolen. Typically, coverage for all your jewelry and furs ranges from $1,000 to $2,000. To insure these items for their full value, you can purchase a special personal property endorsement or floater and insure them based on their appraised value. The coverage also includes accidental disappearance, meaning coverage if you lose the item, and usually has no deductible.
• Coverage for trees, plants, and shrubs: Standard homeowners' insurance also covers trees, plants, and shrubs. Usually, you are covered for 5% of the insurance amount for your house, up to approximately $500 per item. The covered perils include theft, fire, lightning, explosion, vandalism, riot, and even falling aircraft, but not damage caused by wind or disease.
• Liability protection: Liability coverage protects you against lawsuits for bodily injury or property damage caused by you or your family members to others, including damage caused by your pets. It covers the cost of defending you in court and any court awards, up to the policy limit. The coverage extends not only within your home but also anywhere in the world. Liability limits usually start at around $100,000, but experts recommend purchasing at least $300,000 worth of protection. Additional coverage can be obtained through an umbrella or excess liability policy, which provides broader coverage and higher liability limits. Umbrella policies generally cost between $200 and $350 for $1 million of extra liability protection. The policy also includes no-fault medical coverage, allowing friends or neighbors who are injured in your home to submit medical bills directly to your insurance company, avoiding the need for a liability claim. This coverage typically ranges from $1,000 to $5,000 and does not cover medical bills for your family or pets.
• Additional living expenses: This refers to the compensation provided for additional expenses incurred when living away from your primary residence due to damage caused by fire, storms, or other insured disasters. This coverage includes payments for hotel accommodations, restaurant meals, and other necessary living expenses while your home is undergoing reconstruction.
• The extent of coverage for additional living expenses varies among insurance companies. Many policies typically offer coverage equivalent to approximately 20% of the insurance amount for your house. However, you can opt to increase this coverage by paying an additional premium. Certain companies offer policies with unlimited coverage for loss-of-use, albeit for a limited period of time.
• Furthermore, if you rent out a portion of your house, this coverage also provides reimbursement for the rental income you would have received from your tenant if your home had not been destroyed.

Homeowners Insurance is one of the most important policies you will ever own.  For most Americans, their home represents the largest investment they will ever make.  Selecting the correct carrier, coverage, and agency can mean the difference between being covered and not.  Dwelling Coverage is the portion of your home policy which protects the home itself along with portions of the home attached to its slab such as an attached garage or pool.  Contents coverage will replace household items not permanently attached to the home these items include appliances, furniture, and clothing.

Additionally, Homeowners policies will cover other structures, loss of use, liability and medical expenses.  All these items should be taken into consideration when purchasing a policy.  Unfortunately for many, it is only when a loss occurs that they will know whether they were properly insured.The average mortgage in America will take 25 years to pay off.  At Triton agency, we understand that you are investing in us and our long-term relationship.  When purchasing home insurance seek the advice of a professional that can properly evaluate all your needs.  Companies and Agents with limited offerings (meaning they only represent a carrier or two) will often times offer policies with limitations to remain competitive.  Ask yourself, “What am I losing when my policy has limitations?”  Prices from one carrier to another can vary greatly.  In order to get the right coverage and price combination, it is important to have an agent which has access to many Insurance carriers.

Since 1993, Triton’s agents have navigated the Insurance market making relationships with the finest state and national carriers.  Unlike most local agents and online carriers, Triton’s rich carrier relationships allow us to offer you hundreds of quotes.  Our slogan “More Options. More Savings” means that you get the best coverage combination for the best price available in the market. As a Triton client you get a personalized quote from a license professional.  We believe that your investment, your assets, your American Dream realized deserves more than “15 minutes or less.” You deserve our time, knowledge and expertise.