Am I Required to Have Homeowner’s Insurance? What is typically covered?

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While you are not required by law to have homeowner’s insurance, but many lendors require it as a condition of a mortgage. Home insurance can provide protection to yourself from significant financial loss. Policies cover payments for bodily injury to others or damage to their property. In a total loss situation, insurance can be the main source of rebuilding funds. There are a variety of types of homeowner’s insurance policies.

Homeowner’s insurance policies cover the structure of the home, including attached structures, fixtures and built-in appliances. Most also cover the contents in the home and personal liability from injuries or damage that occur from covered accidents. You can add additional coverage specific to you individual needs, such as unattached structures, personal property, sewer backup and umbrella liability. There are usually separate polices for flood or earthquake coverage.  Coverage can include fires. Visit Fire Counsel for more information.

Some coverage types are:

  • Dwelling: Covers damage to the house and attached structures.
  • Other Structures: Covers damage to unattached structures
  • Personal Property: Covers the value of damaged or lost personal possessions
  • Loss of Use: Covers some additional living expenses during home repair.
  • Personal Liability: Pays for financial losses from property damage and personal injuries to others, if found legally responsible
  • Medical Payments: Covers medical expenses for individuals hurt on the homeowner’s property or by their pets.
  • Flood Insurance: Often a separate policy covering flood-related damages to the house and contents.
  • Earthquake Insurance: Often a separate policy covering damages to the house and other covered items caused by an earthquake.
  • Water Backup of Sewer: Covers losses to the house from sewer issues and drain backup.
  • Personal Umbrella Liability: Covers bodily injury, property damage and personal injury to others beyond the usual policy limits

Contact us for more information and guidance.


Vincent F. Heuser, Jr.
3600 Goldsmith Lane
Louisville KY 40220
(502) 458-5879
https://heuserlawoffice.com

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