A homeowner should consider several factors when choosing a home insurance policy, most notably, the location and features of the home, the value of the home and personal property, coverage limits and the amount of premium. Acrisure and our Partners can help homeowners find insurance solutions which help meet their specific needs.

While some homeowners insurance policies may cover certain types of water damage (such as a plumbing leak or broken pipe), flooding due to storms or other weather events, for example, is generally not covered.

For flood damage coverage, a flood insurance policy is typically needed.

The terms, conditions and exclusions of each homeowners insurance policy will vary but following are examples of events for which resulting losses are commonly excluded: earthquakes, intentional conduct, normal wear and tear, neglect to the property, and damage caused by war. As always, refer to your policy for details.

Generally, landlords are responsible for maintaining insurance coverage that covers losses to the rented dwelling. Renters may be able to purchase a renter’s insurance policy, which typically provides coverage for a renter’s personal property and additional living expenses. Such policies may also offer personal liability coverage.

A homeowners policy can help protect against losses to a home, but it may not provide adequate coverage to help protect a home-based business. While the terms and conditions of each policy will vary, the typical homeowners insurance may not be comprehensive enough to meet all of a home business owner’s particular needs. When looking at policy types and coverage limits, a home-based business owner should consider, for example, whether clients or customers visit the home and the value of any business property (such as computers and other supplies). Read more in our blog about how some home-based businesses may be underinsured.

The terms and conditions of each homeowners insurance policy will vary, but coverage for loss of personal property resulting from theft is typically included under personal property coverage. If a thief steals covered items from a home, homeowners insurance will typically cover the loss of those items up to the policy limits. Some homeowners insurance policies may also cover certain personal property when it is off premises; for example, covered property stolen from luggage while traveling.

Homeowners insurance typically does not cover expenses related to identity theft or theft of a vehicle. It is important to review your policy options to determine if you require additional coverages for things that may be excluded like collectibles, fine art collections or other valuable items.