Why You Need Homeowners Insurance

If you own your home through a mortgage company, then you are required to carry basic homeowners insurance to protect the bank’s investment. If you own your home outright, then you may be wondering if paying the insurance premium is worth it. Here are the basics of what standard homeowners insurance covers. Please be aware that all insurance policies are not created equal. It is important to speak to an insurance specialist if you are concerned about specific problem areas.


HVAC stands for heating, ventilation and air conditioning. Sometimes these costs are covered and sometimes they are not. It depends on what went wrong. In your insurance policy, there are certain perils listed. These may include fire, falling objects, break-in, or weather-related perils such as lightning, wind and hail. If your HVAC stopped working because of a listed peril, then its repair or replacement should be covered. You may also be able to receive payments under dwelling coverage or property coverage. Dwelling coverage would protect built-in units, while property coverage would protect window units that are not considered part of the home.

Insurance doesn’t cover normal wear and tear. It will not reimburse you if the unit is simply old and in need of repair. Most standard insurance policies do not cover oil tanks. The main concern with oil tanks is leakage, which is expensive to clean up. To prevent a leak, keep up with routine maintenance. Oil tank services Westchester County NY are usually offered along with oil delivery.


If your roof is damaged or developed a leak, then coverage depends on what caused the problem. This circles back to the list of perils in your insurance policy. If a tree falls on your house and falling objects are listed in your policy as a peril, then the roof repair will be covered. Leaks caused by a lack of maintenance or normal wear and tear are not covered. Also, note that most policies will require you to pay a deductible for roof repairs, even if it is from a covered peril.


There are certain circumstances when the foundation may be covered by insurance, but most foundation issues develop over time and are not caused by sudden perils. Many policies do not cover earthquakes or floods, which can damage the foundation. Insurance doesn’t normally cover the most common causes of foundation damage, including improper drainage and tree roots.

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