Homeowners Insurance in San Mateo, CA
Homeowners insurance may offer financial coverage for damage or loss to a home and its contents due to specific events. The insurer may agree to pay for repairs or replacements based on the policy’s terms in exchange for a monthly or annual premium.
When is Homeowners Insurance Required?
Homeowners insurance is not legally required by any state or federal law in the United States. However, lenders typically require it before approving a mortgage to secure their investment in the property. Lenders may also require additional flood or earthquake insurance coverage if your property is in a flood zone or earthquake-prone region. Additionally, some homeowners associations mandate that homeowners carry insurance, even if the house has no mortgage.
What Does My Policy Include?
Homeowners insurance policies may provide financial protection against various risks. These vary slightly by provider, but most policies include the following:
- Dwelling coverage may pay for repairs to the home’s physical structure if damaged by fire, wind, hail or other covered events.
- Other structures coverage may cover detached buildings like garages, sheds or fences.
- Personal property coverage may reimburse for stolen or damaged belongings such as books, clothes, small appliances and furniture.
- Liability protection may help cover legal fees or medical bills if someone is injured or a household member damages others’ property.
- Loss-of-use coverage may pay hotel bills, meals and other living expenses if a covered event renders the home uninhabitable.
- Medical payments coverage may pay for minor injuries that occur on the property, regardless of fault.
What are Common Exclusions?
Standard homeowners insurance often excludes coverage for flooding, pest infestations, earth movements, wear and tear, neglect and intentional damage. Certain dog breeds and losses due to local building ordinances or laws are also not typically covered. Be sure to review the exclusions section of your policy to understand its limits.
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Silicon Valley Risk & Insurance Services offers customized homeowners insurance solutions. Contact us today to learn more.