Types of Insurance Coverage in Your Policy

Under a homeowner’s policy, there are multiple types of coverage that the policy provides. First is structure coverage; so, that is going to cover the home, for example, in a fire loss. Other structure coverage would be a detached garage that may also be damaged. There’s often debris removal coverage; coverage for trees, shrubs, etc. And then there’s . . . separate coverage for personal property.

The reason all these different types of coverage matter is that [there are] different limits associated with all of them. And so, it’s important that an insured [understand] “What types of coverage does my policy have,” and “What are my damages,” so that we can analyze how they match up, and what should be paid. / END TRANSCRIPT

What does a homeowner’s insurance policy usually cover?

While every homeowner insurance policy is different, most of them cover damage caused by:

• Electrical problems
• Fire
• Hail
• Theft
• Vandalism
• Water damage (in certain circumstances)
• Wind
• Plumbing problems

Catastrophic conditions, such as tornados, hurricanes and other natural disasters, are generally covered under most policies, but it is important that you review your policy carefully to ensure you have the right coverage in the event of such a disaster. If you’re not covered, you may wish to consider buying an additional policy just in case.

Generally speaking, your policy should cover structural damage (such as that discussed in the video) and property damage – both to your property (think damage to your trees or driveway) and your contents: artwork, furniture, clothing, etc. Additional Living Expense coverage should also be provided to provide for the cost of a rental home or apartment for the time your home is being repaired. This type of coverage varies, so you must make sure you have enough of it to cover you for as long as you need it, lest you end up out in the cold.

At the Gilbert Firm, we help Tennessee homeowners, business owners and non-profit organizations facing insurance disputes. To schedule a consultation with Clint Scott, or any member of our team, please call 731-664-1340, or fill out our contact form. We maintain offices in Nashville, Chattanooga, Memphis, Jackson and Knoxville.