Fire? Hail? Meteorites? Here's what your homeowners insurance covers

Your house is more than just your largest purchase, it's the center of your life. So, making sure it's protected should be a priority.

After a catastrophe, having homeowners insurance — and the right amount of coverage — helps ensure you can repair and replace your home and belongings and get back to normal life without falling into financial ruin. While homeowners insurance isn't mandated by state or federal law, anyone with a mortgage is likely required to have it.

But a standard homeowners policy doesn't cover every eventuality or every part of your house. Here's what you need to know about what is and isn't included.

What homeowner's insurance covers

Homeowners insurance can get you back on track financially after a devastating event. Here's what standard policies typically cover:

• Repairs to your home from damage due to a covered event
• Replacement of personal property that is stolen or damaged by a covered event
• Liability coverage in case you are held responsible for damages to someone else
• Living expenses like hotel rooms, laundry and meals if you have to move while your house is being repaired

Every policy has coverage limits that are typically laid out when you buy a policy. How much insurance you need depends on the cost of repairing or rebuilding your home, plus the amount of coverage you want for personal property and liability.

Home insurance policies can pay out differently: An actual cash value policy only gives you what an item is worth now after depreciation, while a replacement cost policy will pay for a new substitute

Your policy should cover repairs and replacement, additional living expenses and liability incidents within your budget and the value of your home.

Nationwide received an "excellent" A rating for financial strength from AM Best and scored among the top-ranked carriers for claims satisfaction on J.D. Power's 2023 Home Insurance Study. Policyholders can enjoy a variety of discounts, including for bundling with auto or term life insurance.

Lemonade gets high marks for affordability and its easy-to-use website and app. Policies can be purchased for as little as $25 a month, with the company claiming it settles 30% of claims within seconds.

Standard homeowners insurance policies usually cover damage due to fire, both house fires and wildfires, as well as smoke damage. Your policy should pay to replace or repair the house's physical structure, permanent fixtures, appliances and attached structures, as well as your personal belongings.

Lightning strikes are also covered perils, whether they cause a fire, damage appliances or wiring or injure a household member.

Homeowners insurance covers many weather-related scenarios, including damage caused by the weight of snow, ice and sleet. Sudden rain damage from a leaky roof may also be covered, though there are exclusions for wear and tear on the roof.

If the temperature hits freezing, your policy should help with a burst pipe, too.

Wind damage is often covered, including if it's caused by a tornado or hurricane. (Flooding associated with hurricanes is usually not covered.)

Depending on where you live, there may be separate deductibles for certain weather damage.

• In coastal states, homeowners policies may have separate deductibles for hurricanes and named storms, usually between 1% and 5% of your dwelling coverage.
• In areas prone to tornadoes, like the Great Plains and Midwest, there may be a separate wind and hail deductible, between 1% and 5% of your dwelling coverage.

If your home is burglarized, your policy will cover both the cost of replacing lost belongings and repairing damage caused by the break-in.

A standard policy will cover theft whether the item was stolen from your house or elsewhere, though they're covered differently. Personal property taken from a residence is typically covered at between 50% and 70% of your overall insurance limit, according to the Insurance Information Institute, while belongings stolen elsewhere are limited to about 10%.

Most acts of vandalism are also covered, including spray paint damage and broken windows.

Damage from a tree is commonly covered, even if the tree's roots are on your neighbor's property. Your policy may also help with the cost of removing the tree, generally providing between $500 and $1,000.

Most other fallen objects are also included in standard policies — including baseballs, meteorites, satellites and airplane doors.

While homeowners insurance covers many circumstances, there are several that are not.

Flooding

Your policy will usually cover "sudden and accidental" water damage that can be traced to a source inside your home, like a burst pipe. Flooding from outside the home, however, usually requires a separate flood insurance policy.

The National Flood Insurance Program (NFIP) underwrites more than 90% of the flood policies in the US. However, NFIP coverage is limited to $250,000 for dwellings and $100,000 for belongings. It also doesn't cover basement contents, external buildings or swimming pools, and it doesn't provide temporary living expenses while your property is being repaired.

Neptune Flood Insurance, which underwrites its own policies, offers coverage of up to $4 million for buildings and up to $500,000 for contents. It also covers areas NFIP policies don't, like basement contents and swimming pools.

Earthquakes

Earthquake damage is also excluded from most homeowners insurance policies. It can be available as either an add-on or standalone policy, depending on your carrier and the state you live in.

Other exclusions

Homeowners insurance generally doesn't cover common maintenance costs or damage from normal wear and tear or neglect. That could include mold, mildew, termites, rodents and other pests, especially if proper precautions weren't taken.

Damage caused by war, terrorism or civil unrest is usually excluded, as is intentional damage caused by the property owner.

Most policies don't provide identity theft protection and have limits on valuables like jewelry and artwork, usually about $1,500. If you have jewelry that's worth more, consider scheduling the piece or adding special coverage.

A separate jewelry insurance policy will provide more coverage and include maintenance costs, like stone tightening and prong retipping. One of the top companies in the field, BriteCo has $0 deductibles and offers replacement coverage that can account for appreciation of up to 125% of the piece's appraised value.

Homeowners insurance can cover damage and loss from fire, severe weather, theft and other causes. However there are dollar limits and circumstances that are excluded, so it's important to review your policy so you can consider additional coverage.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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