We know how important your home and belongings are to you. At Hippo, your home insurance policy is about more than just financial coverage — it’s about protecting you and the home you love from whatever comes its way.
Below, we break down the main what home insurance covers, take a deep dive into what these coverage amounts really mean and provide tips on how to make sure you get the most out of your money.
Homeowners insurance (also known as an HO-3 Policy) covers your dwelling, personal property, other structures, loss of use and liability, which are split into two sections. Section I is Property Coverage and Section II is Liability Coverage. Within each section, there are a variety of categories that provide full protection to your home, your belongings and your liability. Though each insurance company is a bit different, below we break down the main sections of coverage you’ll see when purchasing a policy.
There are four main categories of coverage within section 1 of your homeowners policy. Often referred to as Coverage A-D, these categories break down exactly what portions of your property will be covered in the event of damage.
The second section of your home insurance coverage is personal liability (also called Coverage E-F). Applicable to anyone living in your home that is related to you by blood, marriage or adoption, liability protection helps protect your family in a few ways:
While homeowners insurance coverage is meant to be a comprehensive plan to protect you from anything that can come your way, there are some exceptions.
Specific natural disasters, including earthquakes and floods, require a specific endorsement that will need to be added onto your existing policy. Some states even require these endorsements if you live in a high-risk area, even though they aren’t included in a traditional policy. Other exclusions include maintenance costs, identity theft protection and water damage from issues such as water/sewer backups or sump pump overflows.
When determining how much homeowners insurance you need, it’s a good idea to assess the value of your home and your belongings. You can take inventory of the items you own (and their value) yourself, or you can hire someone to inspect and take inventory of your home for you. Another factor to consider is how much you would have to pay to repair or replace sections of your home should the structure get damaged, so taking into account the current construction costs can help make sure you are getting enough coverage for your needs.
If you are interested in securing more coverage for your home, there are various endorsements available to cover you for any type of damage or loss. Earthquake, hurricane and flood insurance are common endorsements, as well as mold and water backup coverage. You can also extend the policy limit for any of the above categories, which is often recommended for those with brand new homes or homes with historical significance, as they cost more to repair.
While the type of coverage you purchase is important, who you buy it from also matters. Not all insurance companies are created equal, so it’s a good idea to do your research and see what additional benefits each company offers as well as their customer reviews. After all, you don’t want to wait until a disaster strikes to find out it’s impossible to get someone from your insurance provider on the phone.
Some providers offer additional discounts (like us) for installing smart home devices, and even have maintenance services ready to serve you when you need. A company that offers more than just a standard protection plan is your best bet, as you can rest easy knowing that they are helping you achieve total home wellness.
Ready to purchase a policy or just want to find out more about our services? At Hippo, we’re here to answer all of your questions and walk you through the process of creating a comprehensive protection plan for your home. Just give us a call.
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