When you purchase a home, buying home insurance just makes sense. If you have a mortgage, it’s often required. Because, while you can legally purchase a home without the insurance, doing so puts you at financial risk. You just never know what the future may bring.
The beauty of home insurance is that it covers any unforeseen damages to your abode. But what you may not know is that some insurance covers more than just your home alone. In fact, you may be surprised by the range of protection on offer these days. Here are six surprising things good home insurance can cover.
1. Identity Theft
Identity theft may feel like one of those things that only happens to other people. But the unfortunate reality is that it’s much more common than you might think. In fact, according to the Bureau of Justice, 23.9 million U.S. residents were victims of identity theft in 2021 alone. So it’s important to be prepared in case you’re next.
Thankfully, some home insurance policies actually cover identity theft. While it’s not automatically included in most standard policies, most offer it as an option at additional cost. Don’t let yourself be a victim. Check your home insurance quote to make sure it covers identity theft before you sign.
2. Animal Accidents
Most dogs are perfectly friendly. But rub them the wrong way and even the friendliest of pups might bite you. Believe it or not, this means your furry angel too. You never know if a guest or passing runner might trigger your dog for some unknown reason.
The good news is that homeowner’s personal liability coverage will help ease the ensuing legal and medical expenses. This coverage isn’t limited to bites either. You’ll be covered even if someone simply trips over your animal accidentally. Not all animals are eligible for this coverage, though, such as certain exotic breeds. Once again, be sure to check your particular policy for the specifics.
3. Cost of Living
Your house getting completely wrecked is likely the last thing you want as a homeowner. However, sometimes the worst does come to pass. You never know if or when a fire, flood, or tornado may compromise your home’s structural integrity. It happens often enough that most home insurance policies cover the temporary cost of living.
If your home experiences sufficiently significant damage, you may need to find temporary accommodation while you search for a new place or wait on repairs. In that case, the loss of use component of your insurance policy will cover part or all of your expenses. This could include everything from hotel bills to laundry to other living expenses.
4. Lawsuits
Similar to pet accidents, good home insurance will protect you in the case that someone gets hurt on your property and decides to press charges. This is incredibly important coverage if you’re someone who likes to entertain guests. That includes having your child’s friends over for a playdate or sleepover. This is even more important if your home has more dangerous features like a trampoline or swimming pool.
This kind of protection again falls under personal liability coverage. Keep in mind that most plans will cover anywhere from $100k to $500k. You may consider seeking extra coverage in case you have hazards on your property like ATVs or firearms. Likewise, keep in mind that this policy won’t cover members of your household. It will only protect those you welcome to visit your premises.
5. Outdoor Structures
If your home isn’t the only structure on your property, then your insurance likely covers the others in case of damages. Look for the phrase “other structures coverage” on your policy plan. Other structures typically include features such as sheds, guest houses, and detached garages.
That said, things with walls and a roof aren’t all that’s covered by this clause. Even fences and mailboxes can make the cut. This kind of coverage is typically about 10% of your primary dwelling’s coverage. That said, it may be possible to increase this amount if your outdoor structures’ combined value exceeds that amount. If you have a lot of external structures on your property, talk to your insurance agent to ensure they’re covered.
6. Star Damage
While the sky itself won’t be falling anytime soon, stars do all the time. Shooting stars, or meteorites, crash into the Earth with more frequency than you might expect. And, one of these days, one of them or some plane debris might just slam onto your property.
In the unlikely, yet very possible, case this happens to you, fear not. Many home insurance policies actually cover this scenario. However, read your coverage closely to know exactly which kinds of falling items are covered and which aren’t. Just like identity theft, a strike from the heavens sounds like something that would only happen to someone else. But remember, you’re someone else to someone else.
Odd but True
From dog bites to shooting stars, it’s impressive how many varied and unlikely circumstances modern home insurance can cover. That’s because your home is much more than just your house. It’s your entire property, its contents, and the kind of lifestyle you lead and people you entertain. Make sure you get the right insurance policy that covers your unique way of living.
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