Home insurance is a great benefit for homeowners who are stuck in a bind. If theft, vandalism or damage occurs to your home, then your homeowners insurance policy will most likely cover the costs. However, in some cases, it's not always clear where the line is drawn in terms of what's covered. This is the gray area that some homeowners may find themselves in after an accident or break-in. Without being fully confident in your policy details, you could be left high and dry without coverage and forced to pay expenses out of pocket.
On the other hand, there are several policies that cover items you may not have been aware of. In this case, here are four instances when your home insurance comes in handy:
1. Replacing car seats
Depending on the extent of your car insurance policy, you may only have liability coverage. This means the only costs your insurance company will cover are those associated with the other driver. However, some home insurance policies also factor in property insurance, which extends to items that are outside of the home.
If you were in a car accident and your children's car seats were damaged, then as long as this property is insured, your home insurance could pick up the replacement tab, according to U.S. News & World Report. Drivers should be mindful to replace car seats every time an accident occurs to be safe.
2. Reimbursing expensive art
There's nothing worse than having your prized possessions taken from you. When it comes to art, some homeowners spend thousands on single pieces of work. While this may look great in your home, these items could also be attractive targets for thieves. Making sure you've got full coverage on all items in your home is key.
Your insurance plan may compensate you for the cash value of your stolen art, according to Money Funk. Though you'll have to get the police involved to try and track down the thieves, in the mean time, recompense is a nice thing to have.
3. Insuring belongings in a dorm room
U.S. News & World Report also noted home insurance policies will sometimes cover expenses related to theft inside of other residences. Consider that when your child is off to college and is living in the campus dorms. With so many people in close quarters, it could be easy for a thief to gain access to your child's belongings.
Thieves will likely take expensive electronics, credit cards or car keys if they get the chance. But don't worry, home insurance will cover the property damage. This also includes instances when a natural disaster occurs and ruins your college kids' personal items.
4. Protecting against fallen objects
Though it's unlikely, there are times when random objects can fall from the sky and crash into your home, Leavitt Group reported. Whether it's a package or even refuse from a passing plane, these items can find their way through your roof, causing a lot of damage and weeks or even months worth of repairs.
It's nice to know that you're insured in these extreme cases because if your roof is damaged from a plane, then you'll need tens of thousands of dollars to get everything back in working order. And without the help of your home insurance, these expenses could be too much to bear.
Speak with your insurance agent to clarify how far your coverage extends. While you're at it, ask about discounts to save money each month.
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