Homeowners insurance offers protection against misfortune for people who own a house and property. However, because it offers different types of coverage, many people aren't sure what it is and how it works. Here are the answers to several of the most common questions.

What to Know About Homeowners Insurance

What does it include?

The three most basic components of homeowners insurance are structural, personal property, and personal liability coverage. The first covers damage to the building itself, like the roof, walls, floors, and foundation.

The second covers loss to your personal property, such as belongings kept in a storage facility or that accompany you on trips. The last pays for repairs and medical or legal fees if you or a member of your household injure someone or damage their property accidentally.

Which risks are covered?

While coverage varies between carriers, most policies pay for damage caused by fires, storms, wind, and falling objects. The latter includes tree branches, snow, rain, hail, and even space debris. It also covers loss due to theft and vandalism.

What isn't covered?

Most home insurance policies exclude damage caused by mudslides, earthquakes, and other types of earth movement, as well as flooding. Insurers also won't pay for intentional repairs or damage that occurs because you didn't take reasonable precautions or perform basic maintenance. Additionally, damage caused by rioting or during wartime or civil insurrection isn't covered.

How can I lower my premiums?

You can reduce the payments by bundling coverage. Multi-line policies, like those that bundle home with auto, life, or health insurance, often cost less than if you bought the policies separately.

You can also lower the payments by raising the deductible, which is the amount paid toward a claim before your insurance contributes. This reduces the insurer's risk, and they, in turn, reduce your monthly premium.

If you need to get homeowners insurance, contact Meyer & Cook Insurance Agency,  LLC. They'll help you choose a policy that fits your needs and budget, making sure you understand what you're buying and why. Visit the website to learn more about their products, or call (916) 776-1751 to request a quote.