You probably already know that homeowners insurance covers your house and everything in it, but there’s actually a lot more to your policy. Depending on the circumstances, your homeowners insurance could also pay for a hotel stay, a suitcase stolen on vacation or even a lawyer to defend you in a lawsuit. Here’s a peek at a few useful features that might be available in your policy.
Instead, turn to your loss of use coverage. This part of your policy can help you “maintain your normal standard of living,” says Justin Skipton, a vice president for the National Association of Public Insurance Adjusters. Note that your costs should be reasonable. “If your $150,000 house burns down, you’re not going to be able to stay at The Ritz-Carlton or some high-end hotel for a year while you rebuild,” says Rich Johnson, director of communications for the Insurance Council of Texas.2. Your belongings away from home If someone breaks into your hotel room and steals your stuff while you’re on vacation, your homeowners insurance may pay to replace the lost items.
Note that personal property coverage generally comes with a deductible, an amount subtracted from your claim payout. So if someone steals your $500 laptop from a cafe but you have a $1,000 deductible, you won’t get any benefit from filing a claim.
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