Your standard Greensboro homeowners insurance policy provides you with a wide range of protection against financial losses resulting from a long list of potential risks (known as perils). A standard home policy has six sections, covering:
- Section A – physical damage to your residence
- Section B – physical damage to other structures on your property such as sheds, fences or a detached garage
- Section C – covers personal property loss (theft), damage or destruction
- Section D – additional living expenses if your home must be repaired after covered damage and you have to temporarily reside elsewhere
- Section E – personal liability protection to help pay for financial losses caused by someone getting injured while on your property and suing you or someone in your family causing damage to a third party’s property
- Section F – medical expenses pays toward medical costs for someone getting injured while on your property
Each of these sections have payout amount limits. The limits on your Greensboro homeowners insurance policy should be set high enough to cover a total loss such as a fire that burns your house to the ground. Your limit for Section A should be sufficient to rebuild your home at today’s construction costs. Your limit for Section C should be sufficient to replace all of your personal belongings at today’s costs. Homes containing high-value items such as artwork, jewelry, furs, etc., will likely require higher than normal limits.
Limits for Sections E and F should be sufficient to pay for potential liability suits and medical costs. If you have a swimming pool, treehouse or trampoline, these limits should be significant, as children visiting your property could be seriously injured or killed using these high-risk items.
A standard homeowners insurance policy typically covers 16 specifically named perils, which will be listed within the insurance contract. If your property is damaged or destroyed by any of these perils, your policy will pay toward the losses. These perils can be found listed here.
Perils Not Covered
Two destructive perils not covered by your standard Greensboro homeowners insurance policy include earthquakes and floods. For loss protection from these risks, additional coverage is required. Flood insurance is provided through the National Flood Insurance Program and can be obtained through your insurance broker. Earthquake insurance should also be available from your broker as a separate policy or an endorsement to your standard policy.