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Even lesser-known policy perks have value.
- A person should not pay out of pocket for a loss before knowing if the homeowner's insurance covers it.
- In many cases, homeowners insurance follows the policyholder even when they are away from home.
- Homeowners insurance may cover the unexpected, such as identity theft, drone damage, and damage from frozen sewer pipes.
Ascent's pick for the best homeowners insurance company
It's easy to think of insurance as a relatively new expense, but the first historical records are from China around 3,000 BC. It seems that people have always sought the peace of mind that the press provides. The amazing thing about modern homeowners insurance is the number of things it covers.
Unidentified falling object
If you want to tell your insurance company that ET damaged your roof, you'll probably need photographic evidence, but many other claims may be covered. For example, if satellite debris, meteorites, volcanic ash, and burning bottle rockets damage your home, you have a legitimate claim.
Nearly all homeowners insurance excludes coverage for acts of war. However, if your home or property is damaged in an incident that falls under the FBI's definition of domestic terrorism, your insurance probably covers it.
For reference, the official FBI definition of domestic terrorism is: "
Theft on the go
Let's say your laptop, jewelry, or expensive luggage is stolen while you're on vacation. Your homeowners insurance follows you when you travel and covers losses.The same applies if someone breaks into your car, storage unit, or child's school locker and whacks your belongings. . In fact, if your child hasn't gone to college, your dorm room belongings are more likely to be covered.
Your policy also protects you from food loss due to unexpected power outages. There are some exceptions. If the electricity goes out because you forgot to pay the bill, or if someone in your family left the freezer door open and the food was ruined, you're on your own.
Ask anyone who's ever had their ID stolen and they'll tell you it's a nightmare. It can take months to convince your bank and creditors that you are not the one making the purchases or withdrawals. Some policies for homeowners cover identity theft, attorney fees, lost wages, and money spent on credit restoration.
legally required housing upgrades
Let's say your township has decided that it needs a certain type of roof, or that every house needs an exit window in the basement. Homeowners insurance may cover legally required upgrades. There's usually a limit to how much they can pay, but it's good to have help to cover the costs.
If you (or someone in your family) fly drones as a hobby, a lot can go wrong. It's not uncommon for drones to attack other people's homes, neighbors, or pets. Homeowners insurance helps cover medical bills and the cost of repairing someone else's home. It can even help pay legal costs if you are sued for violating your neighbor's right to privacy.
Some homeowners insurance can help make things right when a sewer pipe freezes and bursts, causing damage to your home.
If you run your business from home, it can be costly to determine how much your insurance will cover if your office, materials, or products are damaged.
A grave marker is not on your property, but it represents someone in your household. If the marker (or urn) is damaged or destroyed, it's probably covered.
For fun, I thought I'd add the fact that most policies protect homes from wildlife damage. However, insurance applies. The same cannot be said if opossums or other rodent swarms attack your home.
The most important thing to remember when considering homeowners insurance is that coverage varies from policy to policy. Part of buying a policy is deciding what you want to protect against and making sure coverage is available.
Ascent's Best Homeowners Insurance Companies
There are many insurance companies for homeowners. We researched dozens of options and finally listed our favorites here. Looking for green build discounts or easy bundling policies? Need an easy-to-use interface? Read our free expert reviews , get a quote now.