Understanding your Home Insurance

Khyneesha Edwards Uncategorized Leave a Comment

Home insurance policies can be tricky. There are countless components to think about, engulfed in nearly impossible to fully comprehend legalese. Think you’re the only one having trouble understanding? Many Americans don’t know where to begin when reviewing potential policies. Whatever your policy may include, there are a few terms you should be on the lookout for. Knowing your policy will especially come in handy when it’s time to make repairs to your home. Read below to find the most common home insurance policy terms.


An insurance adjuster works on behalf of your insurance company to assess your home’s damage. Public adjusters work independently to assess your home’s damage.


An appraisal is an evaluation of a home insurance property claim by an authorized person to determine the damaged property value or the property’s value as a whole.


This is a policyholder’s request for reimbursement from an insurance company under a home insurance policy for a loss to property.

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This refers to the amount a policyholder must pay out of pocket for a covered claim before any payment is due from the insurance company.


This is the decrease in the value of your property over time due to wear and tear, aging and other related factors.



The dwelling refers to the covered property which is considered the structure of the home. Most home insurance coverage plans pay for damage or destruction to the home and any unattached structures and buildings, such as detached garages, sheds or fences.


This protects you from financial loss in the event that you are found legally responsible for someone else’s injury or property damage. If you are receiving service from a contractor and they slip and injure themselves, liability insurance will cover you.

Loss of Use

A loss of use covers additional living expenses if your home is deemed too damaged to live in during repairs. This helps you maintain a normal standard of living as you continue to go about your daily life.

Medical Payments

This type of coverage covers medical bills for people hurt on your property. Medical payments cover medical bills for people hurt on your property. Some policies even cover incidents that happen away from home, such as you pet biting and injuring someone.


Named Perils

Named perils policies list exactly what is covered by the policy. These policies are usually more restrictive. A dwelling policy usually provides coverage for the dwelling and contents on a named perils basis.

Open Perils/ All Perils

Open perils policies list what is excluded from coverage. Homeowner’s policies typically provide coverage for the dwelling on an open perils basis, and the contents on a named perils basis.

Personal Property

This includes the contents of your home. Furniture, clothing, appliances are all included. Most home insurance policies cover these items if they are stolen, damaged or destroyed. It’s important to keep in mind that not all personal property is covered by certain policies. Check to see if money, jewelry and firearms are included.

When you partner with Aspen on your next roofing, siding or gutters project, you can rest assured that our experts will be there every step of the way to assist you with the insurance claim process. Your peace of mind is our priority. Schedule your free inspection and estimate today!

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