• About
    Us
    • About Us
    • Meet Our Staff
    • Our Insurance Carriers
    • Customer Reviews
  • Auto, Home &
    Personal Insurance
    • Auto Insurance
    • Boat & Marine Insurance
    • Condominium Insurance
    • Flood Insurance
    • High Net Worth Coverage
    • Homeowners Insurance
    • Motorcycle Insurance
    • Pet Insurance
    • Renters Insurance
    • – View All Personal
  • Business
    Insurance
    • Business Interruption Insurance
    • Business Owners Package Insurance
    • Commercial Auto Insurance
    • Commercial Property Insurance
    • Commercial Umbrella Insurance
    • General Liability Insurance
    • Hotel & Motel Hospitality Insurance
    • Manufacturers Insurance
    • Professional Liability (E&O) Insurance
    • Surety Bonds
    • Workers’ Compensation Insurance
    • – View All Business
  • Life
    Insurance
    • Individual Life Insurance
    • Final Expense Insurance
    • – View All Life
  • Policy
    Service Center
    • Online Billing & Payments
    • File A Claim
    • Certificate of Insurance Request
    • Policy Change Request Form
    • Auto ID Card Request Form
    • Insurance Resources
    • – View All Policy Service
  • Insurance
    Blog
  • Contact
    Us
    • Powell Office
    • Refer a Friend
    • Meet Our Staff
    • Secure Contact Form
Great Lakes Insurance

Insuring Powell
and All of Ohio
Call (614) 841-4444

Home / Understanding What Your Home Insurance Policy Covers

Understanding What Your Home Insurance Policy Covers

Article originally posted May 16, 2022 on www.insuranceneighbor.com(opens in new tab)

Happy Family Cooking in the Kitchen

Understanding your home insurance policy and what it covers is essential but easier said than done. Insurance contracts are written in a legal language unfamiliar to most of us. To understand your coverage, you may want to get help from a local insurance agent. You need to know what is covered – hopefully long before you need to file a claim.

You likely have homeowners’ insurance if you own a home, as it is a requirement when taking on a mortgage. You may have put it in place but are unsure what is and isn’t covered. For example, if you live in a high flood risk area, you must purchase separate flood insurance – your homeowners’ insurance does not likely cover that peril. Earthquake damage also requires added coverage.

Home Insurance Basics

Home insurance policies cover damage (or destruction) of the interior and exterior of your home, loss from theft, and cover you for personal liability if a person is injured on your property, up to the policy limits. These policies are available in three basic types:

  • Cash value of your home
  • Cost to replace your home
  • Extended home replacement

Covered Perils

Homeowners’ policies vary but generally cover damage to a home from fire, storms, lightning, vandalism damage, and property loss due to theft. You may have a homeowners insurance policy with limits far lower than you actually need. The modern home is equipped with many expensive items, from electronics to appliances, to jewelry, clothing, and other items. Replacing your home and possessions is costly – ensure you have the level of coverage you need if the worst should happen. While we can’t control the weather, we protect our homes and possessions and avoid the extreme financial losses associated with a natural disaster.
Insurance companies limit what they pay out in reimbursements for lost or stolen possessions to 50 to 70 percent of the insurance you have put on the structure itself.

Liability Coverage

You may not consider the importance of liability coverage. However, if another person is injured on your property, they may file a lawsuit to attempt to collect damages. Your home insurance policy protects you should an unfortunate incident occur on your property. The amount of liability coverage can be critical to your financial future. If the policy limits are too low to cover an injured person’s losses, you may be subject to a lawsuit to access your other assets. Many people choose to increase their liability coverage above the minimum required.

When You Need a New Place to Live

When a home has been seriously damaged, it may be uninhabitable. When this occurs, you may discover that your home insurance may be the best purchase you have ever made. Your policy may reimburse you for the cost associated with a hotel, renting another home, and other expenses while your house is under repair. Each home insurance policy has specific daily limits for families in this situation, and you should be aware of what they are.

If you need help with your home insurance, speak with one of our friendly local agents. We can help you understand your policy and ensure you have the coverage you need to protect your biggest asset – your home.

Filed Under: Uncategorized

Powell Insurance Quotes

  • This field is for validation purposes and should be left unchanged.

DG
Great experience with this company.Dan G., Powell, OH
BB
They were incredibly responsive and answered every question I had.Brenndan B., Powell, OH
John Curry
Always greatJohn C., Powell, OH
MD
5-Star!Matthew D., Powell, OH
SP
5-stars!Sherry P., Ohio, United States
See All ReviewsSee All Reviews

ABOUT US

  • About Us
  • Meet Our Staff
  • Our Insurance Carriers
  • Customer Reviews

INSURANCE

  • Auto, Home, & Personal Insurance
  • Business Insurance
  • Life Insurance

POLICY SERVICE

  • Policy Service Center
  • File A Claim
  • Online Billing & Payments
  • Policy Change Request

CONTACT US

  • Great Lakes Insurance
    • 47 West Olentangy Street
    • Powell, Ohio 43065
  • Phone: (614) 841-4444
  • Fax: (614) 841-4440
47 West Olentangy Street  Powell OH 43065
Google Maps (opens in new tab)Yelp (opens in new tab)LinkedIn (opens in new tab)RSS (opens in new tab)
Great Lakes Insurance Provides Auto/Car Insurance, Home Insurance, and Business/Commercial Insurance to All of Ohio, Including Powell, Dublin, and Columbus.
© Copyright 2025, Great Lakes Insurance | Privacy Statement | Accessibility Statement | Login
BrightFireWebsites for Insurance(opens in new tab)