Home Insurance Explained! | Home Insurance 101

For many people, home insurance isn't a luxury — it's a necessity. But homeowners policies can be confusing and hard to understand. Dom and John from Jerry demystify home insurance so you know what a standard policy covers.
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What does home insurance actually cover?

There are all kinds of home insurance you can get — some with more coverage than others. But most standard policies will cover the following basics:

1: The structure you live in. Home insurance plans should cover damage done to the actual home you live in — that could mean the walls, the roof, any part of the house’s physical structure. This part of the policy is called “dwelling coverage.” It will generally also cover any other structure that’s attached to your house — like a patio or a garage. Your policy will list out the kind of damage that it covers, but usually fire or hail is on the list, as well as theft and vandalism.

Flood and earthquake damage is generally not a standard part of dwelling protection, but it can be covered under additional protection.

2: Other structures on your property. If you have an unattached garage or gazebo, most home insurance plans will cover the cost of repairing or replacing those structures. This will be done through either dwelling protection or something called “other structures coverage.”

3: Your personal property. A “home” isn’t just the house you live in — it’s also your furniture, your appliances, even your clothes. And a disaster that damages your house will probably also damage or destroy these things. Home insurance generally covers these items, even if the damage or theft happens away from your home. But there is a dollar limit to most policies, so if you have many valuable or expensive items, you may want to look into additional protection.

4: Liability coverage. This key part of home insurance covers you and your family for damage you may cause to other people or their property.

5: No-fault medical coverage. This is coverage that protects you if someone is injured in your home, paying for their medical expenses. It won’t cover your own medical bill, though, so remember, it’s not a substitute for health care.

6: Temporary living expenses. Most home insurance policies will pay for you and your family to live elsewhere temporarily if your house is damaged so badly that it’s uninhabitable.

Your home may be your most valuable asset, and you probably don't have the money lying around to simply replace it out of pocket. That's why home insurance is such a worthwhile investment. A standard policy will protect your property and finances should disaster strike.

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