Just because they are called home insurance policies doesn’t mean they only cover your home. In fact, the name itself is somewhat misleading since homeowners policies sometimes even cover people who don’t own their homes! The whole class of home insurance policies are technically “homeowners insurance” policies but that includes rental properties and condominiums. Because of this, it might cause people to think that they don’t offer benefit other than for issues related to the home or for matters that happen within the home. However, home insurance policies are really quite remarkable in that they offer very broad coverage. Here are some of the ways in which they protect you away from your home.
- Personal Liability
Your home insurance policy doesn’t only cover the damage you do to your home. It also covers you for the damage or injury you cause to others! If you unintentionally do something that results in bodily injury or property damage to someone who is not a member of your household, your home insurance policy will protect you. This means that you will be provided with a legal defense if someone sues you. The incident giving rise to a claim or lawsuit also does not need to actually happen in your home. As you can see, this is pretty broad coverage offered by the home insurance policy. Unfortunately, not everyone realizes they have the benefit of this on their policies.
- Personal Property
You probably realize that if a burglar breaks into your home and steals all of your worldly possessions you are covered by your home insurance policy. However, did you know that your policy covers you even when your possessions are stolen from somewhere other than your home? This is one of the reasons why your automobile policy won’t cover the loss of personal items if your car is broken into. It’s because those personal items are intended to be covered on the home insurance policy. As with the personal liability coverage, it’s pretty common for people not to be aware of this nifty feature of the home insurance policy. As a result, many people are the victims of crime outside of their home and don’t make claims when they have the coverage!
- Identity Theft
Cybercrimes and identity theft have become very real concerns for most people. Many companies regularly sell their services to protect you from these crimes. However, did you know that your home insurance policy actually covers you for some of these losses? Most policies will provide a degree of coverage for credit card fraud, forgery, and counterfeit money. If you find yourself victimized in this fashion, you should let your insurance company know so that they can set up a claim for you. The best thing about this coverage is that it usually doesn’t come with a deductible so that will maximize your recovery.
As you can see, your home insurance policy actually provides a lot of great benefits that don’t have anything to do with your physical home. Therefore, before you think that you don’t need the benefits of a home insurance policy, consider all the great additional benefits and make sure you are properly covered.