Previously, home insurance policies were responsible for covering the property only in case of fire. However, these services have evolved and now provide a host of protections against a host of potential downsides of modern life. In this sense, home coverage will guarantee protection against any of the following inconveniences:
- House: It will protect the structure of the property and other structures that are within or near its limits.
- Other Structures: Such as the swimming pool, an outside guest house, a conservatory, an outside garage, or any other that do not properly belong in the original plans.
- Personal Property: This will protect the contents of the house, such as furniture, clothing, and appliances. Keep in mind that certain types of personal belongings may have limits that are quite specific or not high enough to cover their full value, such as jewelry.
- Additional Expenses or Loss of Use: If a home is damaged in a covered accident, Loss of Use coverage will cover your hotel, meal and other living expenses while your home is being repaired or while you search for a more permanent site. In some cases, if you rent a room, the policy may even cover unearned profits.
- Personal Liability: This will allow you to be protected in the event that someone files legal action for bodily injury or property damage, in the event that someone is accidentally injured.
- Medical payments: This section will protect you in case you have to cover the medical expenses of another person if they suffered for any of the reasons stipulated in the policy and need treatment.
State Farm home insurance policies typically include all of the regular coverages offered by the competition, such as those listed above. However, State Farm policies will take care of protecting your home depending on the type of coverage you decide to get.
What additional options does State Farm Home Insurance cover?
State Farm offers a wide range of optional coverages that you should certainly consider if you want to purchase a policy with them. Some examples include coverage for more specific and personal concepts, such as jewelry and other valuables, as well as for additional liability, in case you have a swimming pool, a trampoline or any other factor that may be considered risky within your home. . Note that some of these may be found within a package, while others will be completely separate from the standard policy.
If you have questions, it’s always a good idea to discuss your coverage options with an agent or learn about them through the State Farm platform. You just have to enter basic information about yourself and your home and the tool will show you how to add or remove specific coverages that will allow you to reduce the total costs of your policy.
- Flood Insurance: Minor damage from broken water pipes is typically covered by some State Farm homeowners insurance, but damage from an outside source of water, like a river overflowing, is not covered . For this, a separate policy is needed to cover these circumstances and you must be in an area that is at risk of flooding.
- Earthquake coverage: Most homeowners insurance companies won’t reimburse you for damage from earthquakes, including State Farm. In this case, you must apply for a special insurance policy that is also offered by the same insurer.
- Clean or Black Water Damage: This covers water damage in the event of a pump failing or a drain backing up, something that is typically not very well covered by the standard State Farm homeowners insurance policy.
- Full Replacement Costs: This coverage will pay you the full costs of rebuilding your home at full value, allowing you to have a payment that even exceeds the value of your home – although this will always depend on your age and location, as well as the costs of materials and labor.
- Energy efficiency upgrade: Thanks to this optional concept, you can replace your destroyed or damaged appliances, such as the water heater or air conditioning, with units that are energy efficient.
- Umbrella Coverage: Umbrella coverage supplements liability coverages in the event covered loss costs exceed standard homeowners insurance policy limits. In this way, you will be able to obtain the total amount you require to carry out the repairs you need.
- Service Lines: When it comes to service lines, like the electrical or plumbing system, coverage will give you up to $10,000 to help pay for the replacement of important lines like groundwater, electrical, drainage and any other service that is part of the home.
- Depreciated Loss: This will pay you to repair or replace the damaged property, less the depreciation value, at the time of the loss, except for specific items that are reimbursed at the current market value.
- Adult care: If you live with an adult who requires care and you have decided to hire a care provider in your home, this coverage will allow you to insure it so that you can respond for any problem that may occur to the caregiver in the event of accidents.
- External structures: This will allow you to extend the coverage for the buildings you own and that are not within your property.
- Protection of home systems: In the event that you need to replace or repair equipment that is permanently installed, such as an air conditioning system, a power generator or a water filter, this concept will help you pay for it.
- Loss due to fraud, identity restoration or cyber event: This is a concept that comes in the form of a package and will provide you with up to $50,000 to help cover losses due to unearned income and legal fees that may result from fraud or theft of identity. In addition, it can pay you up to $15,000 to repair the damage caused by a cyber-attack.
- Personal liability coverage: Although this concept is within the standard contract, they also allow you to extend the coverage in case you need it. Thanks to this, you can be protected in case someone takes legal action against you or in case someone is injured inside your property.
