Homeowners insurance has the ability to create peace of mind for many. It’s the type of insurance that covers a variety of areas for the homeowner, including the interior and exterior of the home, the foundation, any structures on the property, the homeowner’s personal belongings, and more. The NCIB Group Inc. is committed to helping Chicago, IL homeowners understand the benefits of insurance and what’s covered. 

What is Homeowners insurance?

In short, homeowners insurance is designed to pay for the repair or replacement of your home, your personal belongings, property, and more. Personal liability coverage is also included in most homeowners’ insurance policies. The coverage consists of the exterior and interior of your home and your home’s foundation. Homeowners receive coverage in the form of repair, replacement, and actual cash value coverage. 

Will homeowners insurance pay for the repair of my flood-damaged car?

No. Typically, homeowner insurance doesn’t cover flood damage. However, if a pipe bursts in your home, your homeowner’s insurance likely covers the repair, replacement, and cleanup. However, damage to your home and personal belongings due to flooding is usually not covered by a homeowners’ policy. Your car insurance may pay for repairing or replacing your flood-damaged car if you carry comprehensive auto insurance. However, liability auto insurance and other forms of auto insurance aren’t designed to cover flood-damaged vehicles. Also, if your car is totaled due to flood damage, specific types of car insurance may not pay for its repair or replacement. However, understand that comprehensive auto insurance is the only form of auto insurance that covers flood damage. Call us if you have more questions about homeowners insurance and what it covers. We’d be happy to help you explore your options.