What homeowners should know about their insurance coverage

Some homeowners mistakenly believe that their home insurance covers all types of damage to their property and belongings. Although there are many losses that your home insurance does protect you against, it’s important to understand that it doesn’t include everything.

What your policy covers
A standard home insurance policy will cover the most common types of claims. These include losses resulting from a fire, burglary, or toilet backup. You can also opt for a comprehensive policy that protects you against less common losses. Some additional coverages include those for flood, sewer backup, windstorm, and earthquake damage.

Furthermore, you may want to insure some of your more expensive belongings, such as jewelry and antiques, with what’s known as scheduled coverage. This can be a good idea as there are limits to how much you’ll be reimbursed for the theft or loss of high-value items.

What it doesn’t cover
Some types of damage are never covered by insurance. Notably, your policy won’t cover you for losses resulting from normal wear and tear. Also, not covered are damages caused by pests, mold, and neglecting to make needed repairs.

To avoid unpleasant surprises, and to ensure you have ample coverage, review the details of your home insurance policy or talk with your insurance broker.