Home insurance

Learn what a homeowners policy covers, what it generally leaves out (including flood), and how replacement cost and hurricane deductibles work.

What you’ll learn

  • Identify the main coverages in a standard homeowners policy: dwelling, other structures, personal property, loss of use, and personal liability.
  • Explain why flood and earthquake are generally excluded and how flood coverage is obtained.
  • Distinguish replacement cost from actual cash value.
  • Explain why dwelling coverage is based on rebuild cost, not market value.
  • Calculate a percentage-based hurricane deductible and what the policy pays.

Key takeaways

  • A standard policy covers the house, other structures, belongings, extra living costs, and liability. Flood and earthquake are generally excluded.
  • Know whether you have replacement cost or actual cash value.
  • Insure to the cost to rebuild, not the market value.
  • Read your deductibles, especially the hurricane deductible, and do a home inventory.

Find the right coverage for your home

Deepen your property insurance literacy with our trusted financial partner network. Speak with an independent professional who can help evaluate your replacement limits, review bundled discounts, and explore essential endorsements. The key takeaway: securing proper home insurance shields both your sanctuary and your hard-earned equity from unexpected hazards.

Disclaimer

This lesson is educational information only, not property insurance or financial advice. Elevate Meridian is not a licensed insurance agent or broker, and underwriting guidelines vary by state and carrier. For help choosing coverage, consult a licensed insurance agent or your state insurance commissioner's office.