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What Does Homeowners Insurance Cover

If you've ever wondered what your homeowner's insurance actually covers; well, stick around because I'm about to give you five things that you need to know about your homeowner's insurance. And, I'm starting right now.




Hey, everybody. Welcome back to my channel. I am Jodie Cordell, the Savvy Agent with Spence Properties here in Crestview, Florida. And, if you have ever been stuck or trying to figure out how homeowners insurance works, well, I feel you.


Hey, if this is your first time here on my channel. Well, first of all, thank you for joining me. Welcome. Second of all, be sure to hit that little subscribe button down the bottom of this video. Oh, and be sure to hit that bell, so that you get notifications every time I put out a new video like this.


I put out new videos every Wednesday. So, be sure to join me back here next week, so you can catch all the latest content that I'm putting out. Plus, it just makes me feel good that you subscribe to my channel because it lets me know that you love me, and that's important to me. So, thank you so much for subscribing. I appreciate it.


All right. So, let's get down to it. If you've never purchased a home before, or if it's been a long time and you're not really sure, or you've... There are a million different things. I don't know. But, if you have questions about what your homeowner's insurance policy actually does for you, well, then, I'm going to give you five things that you need to know about your homeowner's insurance.


You ready? Awesome. Well, let's get to it.


Number one – you should probably know what things are excluded from your policy. Most insurance policies don't cover things like flood insurance. Or if you're in California, maybe earthquake damage. Those things usually require a separate insurance policy, just for those specific things.


In Florida, here in the Panhandle, we have an issue with flooding, obviously. Because hurricanes are our thing. So you actually, usually, if you're in a flood zone, you may have to purchase a separate insurance policy just for that.


Number two – you should probably ask about what your dollar amounts claim limitations are as well. So, even if you are covered for certain things, there may be a cap on how much the insurance company will actually pay you for whatever damage you may have incurred.


For example, if someone breaks into your house and steals something like jewelry or things of value, there's probably going to be a limit as to how much they will actually give you, unless you actually insure those separate items that are of higher value with a separate insurance policy.


Number three– know the replacement costs. So, let's just say that we did have a hurricane here, and your entire home was destroyed. The insurance company is going to give you the replacement costs up to the maximum amount that they allow, whatever that limit might be.


So, make sure that your insurance coverage actually meets the actual value to replace your entire home. Just to be clear, that means that if your house costs $250,000 and your insurance policy is only for $200,000, you're only going to get that $200,000.


So, just make sure that your insurance is sufficient enough to cover the entire replacement cost of your home.


Number four – know the actual cash value of your home. If you choose to replace your home after it's been destroyed, the insurance company is going to give you the replacement cost less depreciation. This is called the actual cash value.


And number five – know the liability. Most homeowner's policies cover you for things that happen on your property. A homeowner's policy covers you for accidents that happen to other people on your property.


And generally, that can include medical costs, court costs, and anything that the court might actually award. However, insurance companies generally have an upper limit on these types of things. So, you got to make sure that you have sufficient coverage, or you're going to be out of pocket for some of those expenses.


So, that's five things that you need to know about your homeowner's insurance, and what it does and what it can't do.


I just had a dog walk through my shot. What are you doing?


So, that's five things that you need to know about your homeowner's insurance. And I hope that that was helpful to you.


If you have any additional questions, I would hope that you would reach out to me for anything more specific that I might can help you with.


And, if you're thinking of moving to the Emerald Coast, be sure to grab my relocation guide down in the description underneath this video, it's totally free. You just click the little link down there, it'll take you right over there to it.


Again, thank you so much for watching my video. I always love all the support and love. Again, I'm Jodie Cordell, the Savvy Agent with Spence Properties here in Crestview, Florida. And I will see you on the next video.


Grab your Relocation Guide here – https://emeraldcoasthomes.online/relocation-guide


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