3 Costs You May Not Know Your Homeowners Insurance Can Help With

If your home suffers damage in a fire or severe weather event, you probably won't even think twice before filing a claim against your homeowners' insurance policy. Most homeowners expect their insurance policies to cover these types of damage. However, many other costs are often covered by homeowners insurance policies which a lot of people are not so familiar with. Consequently, it is common for people to cover these costs out of their own pockets rather than filing a claim. You can avoid making this same mistake by taking a moment to familiarize yourself with some of the different costs that homeowners insurance policies often cover. 

#1: Temporary Lodging Costs Due To Being Displaced

It is not always safe for you to remain in your home while repairs are being completed. For example, if your house requires serious plumbing or electrical repairs, you may need to leave your home while these repairs are completed due to a lack of running water or electricity. Being displaced from your home is not only inconvenient, but it can also be quite expensive when you take into consideration the cost of temporary lodging. Thankfully, many homeowners insurance policies offer help covering these lodging costs. However, it is important to note that coverage for temporary lodging costs is typically limited to a specific per diem rate. Furthermore, this coverage will only apply if you are displaced from your home as a result of necessary repairs, not as the result of voluntary renovations or remodeling projects. 

#2: Repair Or Replacement Costs For Personal Items When Traveling

It is no secret that homeowners insurance policies offer coverage both for the structure of your home and for the items inside your home. However, what you may not realize is that the personal property coverage offered by these policies remains in effect even if the items are temporarily removed from your home. Consequently, these items will continue to be covered regardless of whether they are inside your home, inside your vehicle, or if you take them with you on a vacation. 

#3: Replacement Costs For Spoiled Food

With inflation causing the cost of groceries to rapidly rise in many stores, replacing food that has spoiled as the result of a power outage or an appliance failure can be a very expensive task. While your homeowners' insurance policy may not cover this cost in full, you should know that many policies offer a fixed rate benefit that can help offset the cost of replacing your spoiled food.  

Considering the above costs you may not have known your homeowners' insurance could help with, reach out to a homeowners insurance provider near you for more information.