Q:
How much of the exterior of my property is covered by homeowners insurance--fencing, driveway, etc.?
Answer:
Many people don't realize it, but homeowners insurance covers a lot more than just your house. A standard homeowners insurance policy provides broad protection for personal property and other structures located in and around your home.
Several different types of coverage are included in every standard homeowners insurance policy. HO-1, HO-2, and HO-3 are the three standard policy types available for most homes. Coverage A is strictly for the physical structure of your home, including additions permanently attached to the structure (such as an attached garage).
Coverage B insures other structures on the premises, including detached garages, fences, swimming pools, driveways, and sidewalks. The limit on this coverage is typically 10 percent of the Coverage A amount.
Coverage C insures your personal property, including all of your household possessions and other items such as awnings, outdoor antennas, and carpeting. The limit on Coverage C protection is typically 50 percent of the Coverage A amount. Additionally, all standard homeowners policies include various "additional coverages" for items such as debris removal, trees, and shrubs. Each of these coverages has its own dollar limit.
While homeowners insurance coverage is very broad, there are certain items which are not covered. For example, motorized vehicles (e.g., cars, motorcycles, go carts, golf carts, and snowmobiles) are not covered by your homeowners insurance. Animals, birds, and fish are not protected under homeowners insurance, either.
Keep in mind, too, that your homeowners insurance policy only covers the above-listed property if it is damaged or destroyed by an insured peril. Personal property is only protected against the perils listed in your policy, while your dwelling may be insured against named perils (HO-1 and HO-2) or open perils (HO-3).