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How well do you know your home insurance policy?

You’ve taken the smart step of purchasing a homeowners insurance policy to help protect your house and the people who live in it. But do you know exactly what you’re paying for? If a disaster were to strike, would you know exactly what you could file a claim for and what you’d be owed?  Check out these basic types of home insurance, and ask yourself whether you know exactly what your policy would cover you for when you need it.

Flood insurance

Many homeowners don’t realize that flood insurance is not typically included in most standard insurance policies. While you could file a claim for water damage caused by a burst pipe or a leaky roof, you may not be able to claim any damage caused by rising water. That means if a hurricane causes flooding in your area and damages your home, you might not be covered if you haven’t invested in a separate policy. Check with your licensed agent to find out whether purchasing flood coverage is a wise decision for your home.

Liability insurance

Medical bills, court fees and other expenses could be put on your tab if a guest is injured on your property and decides to sue. If you’ve invested in enough liability coverage on your homeowners insurance policy, you could be protected for the most part. However, some homeowners may have require additional liability coverage due to some features of their home. For example, if you have a trampoline, swimming pool or even a breed of dog that is considered “aggressive,” it is highly recommended to extend your coverage. Discuss your needs with a licensed agent to make sure you’ve got enough coverage to help protect you in case an accident were to occur on your property.

Contents coverage

Property/contents coverage is the type of insurance that helps cover your possessions and all of the contents of your home. However, depending on the value of your belongings, it may be necessary to schedule an endorsement in order to cover everything. For example, if you own expensive jewelry or a valuable collection, they may not be covered under your existing standard policy. Talk to a licensed agent about your specific needs, and make sure your most prized possessions are taken care of.

Get to know your policy. It might not like long walks on the beach, but it still could be worth your while to understand everything about it.

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