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Homeowners Insurance Explained

How much do you know about getting homeowners insurance? The right policy can give you the peace of mind you need to live comfortably in your home. Ultimately, your home is an investment and you’ll want to protect it. Homeowners insurance allows you to ensure the full value of your home.

In the event of an accident, you will be responsible for paying the deductible and depending on your policy, the typical homeowners insurance deductible can range from $500-$3000 or a small percentage of your total coverage. Whether you’re in the market for homeowners insurance or whether you’re already a loyal policyholder, it’s a good idea to be aware of your deductible. In the event of a disaster, you must be able to uphold your policy obligations to receive the full benefit you’re entitled to. Depending on the language of your policy, you may also be responsible for a small percentage of the damage. For this reason, we recommend creating a dedicated savings account and depositing the full amount of the deductible.

To help you select a policy, check out our list of some essential coverage components.


Although it can seem obvious, you’ll want to choose a policy that covers damage to your home resulting from fire, wind, water, and other disasters. You’ll also want to ensure any other structures on your property, including barns, tool sheds, and treehouses. These structures are part of your property and you should protect them! It’s important to have full structural coverage in the event or a fire or flood. The best method for determining the total replacement cost is to hire a builder to give you an estimate of the cost of rebuilding the entire home and other structures on the same land. Be sure you know what your financial responsibilities are in the event of a complete loss. Dealing with a homeowners insurance claim is very stressful, so it’s important to know that you have the coverage you need to rebuild.


Recently purchased a new television for the holidays? How about a new kitchen stove or refrigerator? You must properly note big-ticket items in your policy. Many insurance policies cover the cost of replacing your belongings in an amount equal to half the structural value of your home. So what does that mean in practice? For example, if rebuilding your home costs $300,000, then the contents of your home are insured for approximately $150,000. Want to learn more? Check out our article on personal property coverage to find out if you may need to purchase additional insurance. Furthermore, it’s a good idea to take a semi-regular inventory of your belongings so that they can be replaced if they are stolen or burned beyond recognition.


If you must leave your home after an accident, your plan should cover those expenses. This is called a “loss of use” provision. Typically, your policy will cover hotel bills, restaurant meals, and even extra mileage on your car. The average coverage amount is equivalent to 20% of the insured value of your home. In this case, the objective of the policy is to help you maintain a normal standard of living while repairs are taking place.