According to 360 Financial Literacy, “typical homeowners insurance provides limited coverage for personal injuries or property damage to others for which you or members of your family living with you may be legally responsible. The injuries or damages don’t have to occur on your property. Your policy will describe what types of claims are covered, and coverage may vary by state, policy type, and insurer.”

When comparing homeowners insurance, 360 Financial Literacy suggests that you ask the following questions:

• How much coverage will I have for medical payments?
  • Medical payments cover medical expense payments sustained by people who are injured unintentionally on your property, irrespective of fault, and up to policy limits.
  • Accidents to you or relations living with you are not covered.
  • Injuries from activities that involve your business are not covered.
• How much coverage will I have for personal liability?
  • Personal liability covers lawsuits and claims against you that are a result of bodily injury or property damage to someone else caused by accidents on your property, or by accidents away from your property, caused by you or a family member who resides in your home with you.
  • It can also pay for your legal fees if you are litigated for a covered claim.
  • It doesn’t cover damages caused by business-related incidents, intentional acts, auto insurance accidents, or worker’s compensation accidents.
• Should I consider an umbrella policy for increased coverage against lawsuits?
  • It can be used when your primary liability coverage has been depleted.

It can be challenging to compare homeowner insurance policies and read the fine print to make sure you are purchasing the correct coverage for your needs. Let our team at Steely & Smith help you wade through all of your quotes and offer you a policy that best suits your needs. Contact us today!

Note: This information is general in nature and should not be construed as professional insurance advice. You should work with your insurance agent to determine what will work best for your situation.