It's no secret that homeowner's insurance can cover the cost of any damage to your home or its contents, but it likely protects you from more than you are aware. Discover five things that your policy probably covers, and save yourself some cash if you ever need to take advantage of this coverage.
#1: Offsite Coverage
You don't have to be in your home for a homeowner's policy to cover you and your belongings. If your home's contents are covered in your policy, they may also be covered for theft or damage when you are using them away from your property. So a wrecked bicycle or stolen laptop is covered whether it happens in your driveway or across town.
This coverage can also apply for injuries. If you trip someone accidentally, causing an injury, they can place a claim against your home insurance to recoup their medical expenses.
#2: Sky Protection
Although it may seem unlikely, your home is even covered from things falling from the heavens above. A satellite comes crashing down through the atmosphere and onto your roof? No problem. Naturally, this coverage also protects you from much more terrestrial threats, such as falling tree branches, hail and heavy snow damage, or the wayward baseball. There are usually limits on this coverage, so you may need to purchase additional coverage if you're worried about meteors or wayward paratroopers.
#3: At the Dorms
Whether it's college or boarding school, dependents that live in on-campus housing don't need to purchase their own coverage for their possessions. Everything, from the bed sheets to the computer, is covered underneath their parents' homeowner's policy.
#4: Code Upgrades
Building codes are constantly evolving, and the older your home, the more likely that it is out of date. Most new code ordinances grandfather in existing residences, so there's no need to rush out and bring it up to the current code. Insurance can kick in and help if there is damage to your home, though. If you need to rebuild a section of your house, your insurance will cover the extra expense of bringing it up to the current code requirements. There are sometimes limitations on the amount of code work covered, so if your house is very out of date, it can be worth it to purchase additional code coverage.
#5: Food and Drink
Most people know what to do during a power outage – find the candles and leave the fridge door shut. This is all well and good for a few hours, but after a day or two, everything in the fridge and freezer needs to be tossed. There's no need to go hungry or raise your grocery budget, though, as most home policies cover the cost of food replacement in the event of an outage.
Only you will know your specific coverage needs. For example, if you live near a busy road, make sure your landscaping is covered in case a wayward car jumps the curb. Knowing what kind of damage is most likely to occur on your property, and checking that you are covered for it in advance, provides peace of mind.
For more information, contact CDS Insurance Services or a similar company.Share