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The Allstate Blog | Everyday Peace of Mind

Homeowners Insurance Made Simple pt. 1

Your home is one of the biggest purchases you'll ever invest in. Accordingly, it's crucial to protect this asset with a reliable insurance plan. Here in part 1 of our Homeowners Insurance Made Simple series, we'll take a look at some of the basic terms and definitions that one should… Allstate https://i1.wp.com/blog.allstate.com/wp-content/uploads/2010/06/FamilyHome.jpg?fit=2121%2C1414&ssl=1
Homeowners Insurance Made Simple pt. 1
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Your home is one of the biggest purchases you’ll ever invest in. Accordingly, it’s crucial to protect this asset with a reliable insurance plan. Here in part 1 of our Homeowners Insurance Made Simple series, we’ll take a look at some of the basic terms and definitions that one should be familiar with in regards to any typical homeowners insurance policy, as well as provide an overview of the different things that your policy protects:

Policy period: the length of time your home is covered by the current policy (typically one year)
Location of property: The address of the insured property
Coverages: Details all the different types of coverages you have as part of your policy
Limits of Liability: Shows the maximum limit Allstate will pay for each corresponding loss
Deductibles: The amount you pay out of pocket when filing a claim for a covered loss* (shown under each coverage)

*A “covered loss” is a loss or damage that falls within the bounds of the policy

What is my home protected from?

Homeowners insurance typically protects your home from the following perils:

  • Theft
  • Falling objects
  • Fire and smoke
  • Freezing of plumbing
  • Windstorm or hail
  • Car crash into home
  • Water damage from plumbing, furnace/AC or water heater