When most people take out homeowners insurance, they do so to cover their house and property inside. Although this coverage is something every homeowner needs, your home insurance covers much more. Here are a few surprises you may not know you have coverage for. While only some policies cover the same things, your agent can advise you if you have coverage for some of these expenses.
1. Theft While Away From Home
Have you ever had your pocketbook snatched, your luggage stolen from your hotel room, or items stolen from your child's dorm room? How about your laptop stolen out of your vehicle? Did you know you may have coverage under your homeowner's insurance for all these scenarios?
Unfortunately, you may not recover the total costs of all stolen items. Most policies only reimburse you for a small percentage of personal property damage. For example, if you insure your household belongings for $200,000, your coverage amount for items outside your home may be 20% of your total limit or $40,000. Your policy also has a deductible that you must pay before receiving reimbursement.
2. Headstones, Mausoleums, And Grave Markers
If you purchase a headstone, mausoleum, or grave marker later damaged or vandalized in the cemetery, your homeowner's policy may pay to have it fixed or cleaned. If your memorial damages are beyond repair, your policy may even pay to have it replaced.
3. Satellites, Plane Parts, Meteors, Asteroids, And Other Falling Objects
For most people, there is only a slim possibility your home will receive damage by objects falling from the sky, but you are covered if they do. Most home insurance policies pay for damage from falling objects. Policies include man-made and naturally formed objects.
While you hope you never have to defend a lawsuit in court because someone sues you, the good news is your homeowner's insurance policy may help you pay for it. You can find coverage for lawsuits under the personal liability section of your policy. The beauty of this coverage is that it covers you or any other member of your household who may be responsible for someone else's injury.
For example, if your child hits someone while biking in the park, your policy will pay for their medical expenses and any time they miss out on work. If the victim sues you due to the accident, your policy will help pay for your child's defense up to your policy limits. For more information on homeowner's insurance, contact a professional near you.