Are you financially prepared for a big home repair? Maintaining a home can be expensive, especially if it’s an older build or if something goes wrong with a major system.
If you’re wondering whether your homeowners insurance policy can help you with the cost of maintenance and repairs, the answer is that it depends. Keep reading to learn about the types of damage home insurance does and doesn’t cover, as well as the optional home repair coverage you can add.
Check your homeowners insurance policy to see what types of losses are covered. If a covered loss does occur, your insurer would generally pay for the cost of repairing the damage. Examples of covered losses include:
When it comes to routine maintenance that stems from normal wear and tear, you will typically need to pay for the repairs yourself. This includes replacing old or broken appliances. Examples of common repairs that aren’t covered by insurance include:
If you’d like to have additional protection against the cost of repairing major home systems and appliances, home repair insurance could be a good option.
Home repair insurance is an optional type of coverage that provides a certain dollar amount for repairing or replacing things like:
Have questions about your insurance coverage?
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