What Does That Homeowners Insurance Policy Actually Cover?

J.P. Gonzalez-Sirgo
Founder of J.P. Gonzalez-Sirgo, P.A.

When someone buys a home and takes out a mortgage loan, the mortgage company will require that he or she  obtain a homeowner’s insurance policy, but how many people actually think about what that means until the coverage is needed.  Often, no one reviews the coverage or insurance policy until something bad happens.  When someone is injured on the property or a storm or fire damages the property is usually the first time some one may look at the policy.  But it is important to know what a homeowner can expect before the worst case scenario occurs.

Generally, a homeowner’s policy is intended to cover the legal liability for an injury caused by the negligence of the insured, up to the limits of the policy.  This is referred to as liability coverage.  The other main part of a homeowner's insurance policy is the proprty coverages.  The property coverages generally cover the damage to the home caused by a covered peril.  Some examples of typical covered perils include storm damage, fire damage, water damge, etc.  The differences in these two types of coverage can also be described  as follows:

  • First party coverage – this is protection for the homeowner against personal loss, such as coverage for fire, storm, theft or vandalism of property, loss of personal property, additional living expenses, debris removal, etc. and
  • Third party coverage – this insurance is intended to pay for someone else’s damages if there is property damage or an injury caused by the negligence of the insured, such as an accident where a guest trips and falls on a loose tile at the insured's home.  This sometimes is referred to as premises liability coverage.

The principle behind homeowner’s insurance coverage is to protect the insured's assets in the event of a loss.

You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].

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