Anyone who owns a property will know the importance of having homeowners insurance. As well as providing financial protection in the event of damage or theft, it’s also an essential requirement if you have a mortgage and can be lifesaving should you find yourself in an emergency.
While many understand its importance, exactly what is covered in a comprehensive home insurance policy is less well-known. Discover four surprising things that can be covered by homeowners insurance, from identity theft to invasion by wild animals.
Damage from Falling Objects
Ever wondered what would happen if your house was hit by a meteorite? Admittedly it’s a long shot, but it’s a possibility that most policies take into account.
Read your ‘damage from falling objects’ paragraph carefully and you’ll realise that this doesn’t just cover branches and trees blown into your property because of bad weather. Most policies also reference meteors, asteroids and other space junk!
Identity Theft Protection
Sometimes an add-on to the standard policy, homeowners insurance can also protect in the event of identity theft which is when someone’s stolen details are involved in a crime.
Identity theft often involves losses outside of your property such as money stolen from bank accounts and debts run up on credit cards. Your home insurance coverage could help to repair bad credit scores or directly reimburse lost funds.
Expenses During Home Repair
We don’t like to think about it, but there’s always the possibility of an emergency occurring in the home such as a burst pipe or fire. If the worst happens and you need to vacate your property while renovations take place, your home insurance will cover the cost of expenses during home repair.
This usually includes the cost of a hotel or domestic accommodation like an Airbnb and a daily food allowance. Other potential costs covered are pet care facilities and storage space rentals.
Invasion by Wild Animals
Depending on where you live, home invasion by wild animals might be a remote possibility or a regular occurrence. Regardless, more policies recognise that this could happen and offer appropriate cover.
Be mindful that this cover doesn’t extend to damage caused by your pets or other domestic animals that could get into your property such as farm stock or pets belonging to visitors. Common household pests like rats, squirrels and insects are usually excluded too.
