Homeowner Insurance

Home ownership can be both rewarding and challenging. Understanding homeowner insurance can provide relief in stressful situations. People who do not have homeowner insurance on their property risk exposing themselves and property to personal law suits. It is important to make sure that you have enough coverage to protect not only your home but also your assets in case of an accident.

Types Of Homeowner Insurance Policies

There are different types of coverage under each kind of homeowner insurance policy. The two most common types of homeowner policies are HO-2 and HO-3. A HO-2 policy is a named-peril policy meaning the insurance covers specific events as defined in the policy. A HO-3 policy is an open-peril policy meaning the policy covers most events except exclusions the policy states.

A HO-5 policy is the broadest of types, covering both dwelling and personal property events, except the listed exclusions. The HO-5 type homeowner insurance policy is not as common as a HO-2 or HO-3 policy.

In addition to types of insurance, there are basic standards homeowner policies cover in many cases.

Standard Coverage

Reconstruction or repair of the home is standard for homeowner insurance policies. Policies normally include the yard and attached structures, like a garage. Some instances are not included, for example floods are generally a separate policy for specific properties. In many cases, coverage includes unattached structures. If you have an unattached garage, shed or barn check your policy for coverage.

Personal belongings coverage is separate for most homeowner insurance policies. Personal belongings, like furniture or clothing, falls under this type of coverage. Replacing personal items falls under this kind of coverage for events like fire or theft.

Liability homeowner insurance coverage protects people visiting your home and may apply if you accidentally hurt someone while away from your home. This coverage may apply in instances like a dog bite or someone falling while at your house.

Medical Payments coverage pays medical bills for people with injuries from an event. This coverage is in addition to liability coverage. Medical Payments coverage covers an injured person regardless of who is at fault.

If you are a homeowner, read your homeowner insurance policy and ask questions to understand it. If someone is injured on or off your property, provide a copy of your homeowner policy to your attorney. An experienced attorney can help you research your homeowners policy for coverage.

Homeowner Insurance

Homeowner insurance includes the structure, personal items, living expenses in an emergency and liability coverage. Different situations may trigger homeowner liability insurance, such as dog bites, slip and fall accidents or carbon monoxide poisoning. It is important to have liability coverage when owning a home not only so others have protection but so do you.

How Homeowner Insurance Protects You

If someone suffers an injury at your home, you can be held legally liable in some cases. Concerns include things like medical payments, wage loss, pain, suffering and disability. Additionally, if you are visiting someone else’s home and suffer injuries due to that person’s negligence, you may be able to file a claim under their homeowner insurance policy to help recover loss. If you suffer injuries at another person’s home, ask them about liability homeowner insurance.

This Blog is Part 4 of a 5 Part Series. Check these posts for information about Liability, U/UIM, Medical Payments, and Umbrella Insurance.

Johnson & Associates has been helping Alaskans for nearly 30 years. It’s who we are. And while we hope you never need us… We’re here if you do. ~ Doug Johnson

Please call Johnson & Associates to discuss your case: (907)277-3090 or use our online contact form.

Secondary Sources: Insurance Information Institute; Nerd Wallet

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