Reblogged from: Fox Business
By Allison Kade
Insurance requires you to think about bad occurrences … medical problems, car accidents, emergency home repairs. But although it may sound pessimistic to dwell on what could happen (carpe diem, anyone?), it’s important to protect yourself from some of life’s biggest surprises.
When it comes to protecting your home, it’s not just about safeguarding against structural damage or theft—it’s just as much about feeling secure in where you live. If disaster strikes, your focus should be on reclaiming your sense of stability. The last thing you should worry about is money.
We spoke to LearnVest Planning Services certified financial planner Ellen Derrick—and some real homeowners—about the top 11 things you should know about homeowner’s insurance.
1. What It Covers
A typical policy will pay for damage to your property and your possessions in the event of certain storms, fire, theft or vandalism. Like renter’s insurance, it also provides liability coverage if someone gets hurt on your property and decides to sue. Homeowner’s insurance also covers shelter costs, so you don’t have to face crazy hotel bills if you’re temporarily displaced from your house.
Homeowner’s insurance can protect belongings outside the home, too. If something is stolen from your car, auto insurance won’t cover it—but your homeowners policy likely will. “Most policies will cover your belongings when they are traveling with you,” Derrick says. “If you have a $1,200 laptop and it gets lost by the airline, call your insurance agent—right after you file the claim with the airline, of course.”
2. What It Doesn’t Cover
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