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What Perils Are Typically Covered By A Homeowners Insurance Policy?
Homeowners insurance is designed to help you in the event that something goes wrong – but what exactly does that mean?
Well, the list of mishaps you’re protected against (“perils” in industry speak) is actually pretty broad. Here’s a look at what the Insurance Information Institute says are some of the most common perils covered by a typical homeowners policy:
Fire and smoke.
Your property, contents and other structures including your garage or shed are usually protected by your insurance policy against fire or smoke damage. Policies typically extend to costs associated with being forced to live somewhere else while your home is repaired.
Damage from lightning is usually covered by your insurance policy. Certain policies will also extend to damage to your electronics as a result of a power surge due to a lightning strike
Windstorms and hail.
Wind damage, even when caused by a tornado, is typically covered by your insurance policy. Most policies will extend to cover wind driven rain or snow that may enter your property due to damage caused by a storm.
Damage resulting from explosions such as exploding propane tanks or aerosols is usually covered by your insurance policy.
Vandalism and malicious mischief.
If your property or contents are damaged by vandalism your insurance policy will typically cover the damages associated with it.
Damage from an aircraft, car or vehicle.
It is not often that a plane will fall from the sky and land on your house or a car drives through your living room but in case of this event you will typically be covered by your insurance policy.
A theft not only leaves you without certain pieces of property but it can also result in damage to your property when the intruder gains access. Most insurance policies will cover this event however, you should know that most policies have limits on how much they’ll pay out for specific types of personal property.
If your property is hit by a falling object, whether it be a meteor or a tree your insurance policy will typically cover the event.
Weight of ice, snow or sleet.
If your home or business is damaged by the weight of snow or ice causing the roof to collapse typically your building and items inside the building will be covered by your insurance property.
Your insurance policy will usually cover you from water damage if the cause is sudden and accidental. If the cause is from wear and tear you will not usually be covered. Flood insurance typically is covered under a separate policy and backup from sewers or drains is usually an optional extra.