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What Does Homeowners Insurance Cover?

Posted March 21, 2024 in Homeowners Insurance

A small model house sits on a tabletop where a woman signs an agreement with a fountain pen.

Homeowner’s insurance is not just another expense—it can be the difference between protecting your assets and paying out of pocket when disaster strikes. This blog will discuss homeowner’s insurance, what it does and does not cover, and why it is such an important part of owning a home.

3 Min Read

What Is Homeowners Insurance?

If home is where the heart is, you should want your home protected as well as you guard your heart. There are several types of property insurance. You’ve probably heard of homeowners insurance: these policies offer protection for a private residence.

Homeowners insurance is further divided into subtypes. For example, an HO1 policy is the most basic kind of policy and covers specific risks, also known as “named perils.”  An HO3 policy is the most popular kind of policy due to its more extensive protection of not only your property and belongings but also you and your family in case of an emergency.

Don’t go unprotected. Contact Gallant Risk & Insurance Services today to learn how we can help you protect your family and your assets: (951) 368-0700.

Does Homeowners Insurance Cover Roof Leaks?

If a roof leak is caused by a named peril, such as a windstorm, your homeowners insurance policy generally will cover it. However, if a roof leak is caused by a lack of maintenance or an issue that worsens gradually, like aging sealants or mold, it is probably not covered.

It’s important to note that certain kinds of natural disasters—like earthquakes and floods—are not considered covered perils and require separate insurance policies.

So What Does Homeowners Insurance Cover?

What you’re protected from depends on the specific policy you purchase. Some of the benefits of homeowners insurance may include:

  • It helps cover the expenses of interior and exterior damage to your home
  • It may replace stolen or damaged items
  • It can help cover meals and lodging if you are temporarily displaced from your home due to a covered peril
  • It can help protect you from lawsuits due to injury in your home

The benefits of your specific policy may vary. Our team can answer any questions you may have and help you select the policy that’s right for you.

Is Homeowners Insurance Required?

Homeowners insurance is not mandated by law in the state of California. That said, mortgage lenders often require it as part of your loan agreement.

Your home is one of the most significant investments you will make in your life. Homeowners insurance protects this investment, your belongings and your family. Disasters and unexpected events are stressful enough on their own. Preparing for the worst protects your peace of mind and makes things much smoother when catastrophe strikes.

Is Hazard Insurance the Same as Homeowners Insurance?

Until your loan is paid off, mortgage companies are essentially co-owners of your house. Without insurance, a natural disaster could be financially devastating, so most mortgage companies understandably require hazard insurance. On its own, hazard insurance protects the interest of the lender.

That said, typically, hazard insurance is included in homeowners insurance.

How Much Is Homeowners Insurance?

As mentioned previously, there are several types of homeowners insurance. The exact cost of your policy will depend on a number of factors. A Gallant Risk & Insurance Services consultant will provide you with all the information you need to make the best choice.

Want to Learn More About Homeowners Insurance in California?

We’re here to help you with your homeowners insurance questions. Fill out our online contact form or call (951) 368-0700 to get started.

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