Picture: Daniel Tausis

Purchasing a house for the first time can be quite exciting, especially when you start thinking about all the renovations you’ll be able to do to make it feel like home. However, alongside thinking about changes and the logistics of moving in, it’s also worth thinking about homeowners insurance.

If you’ve never been a homeowner, you might not know what the average homeowners’ insurance policy covers. However, you can learn more about the main components to look for in your policy below.


Depending on your insurance provider and the level of coverage you request, break-ins and theft are typically covered under your homeowners insurance, with dwelling coverage, personal property coverage, and other structures coverage.

The dwelling component of your policy often covers house damage, such as if an intruder were to break a window or damage a door, while the personal property coverage would help to replace or repair belongings stolen or damaged during a break-in. You might also receive assistance under the ‘other structures coverage’ portion of your insurance policy, covering sheds, garages, and other structures damaged during a break-in.


Fires can be devastating, especially when you don’t only lose your home but also all of your prized personal possessions. While nothing can replace the sentimental items you’ve lost, a homeowners insurance policy can often ensure you can rebuild your home and replace many possessions you might not have otherwise been able to purchase again.

Dwelling coverage for an accidental fire covers home structures and attached structures, such as garages. Many policies also cover the costs of staying away from your home, like hotel accommodation and restaurant expenses. Your policy might also cover personal belongings and detached structures, such as fencing, garages, appliances, clothing, and furniture.

Storm Damage

If your property has experienced damage from wind, hail, and lightning in a storm, your homeowners’ insurance policy might cover related costs. However, a standard policy might not cover flood and earthquake damage. Read through your policy carefully to ensure you have the most appropriate coverage for your needs.

Typically, policyholders with a storm damage clause receive coverage for water and ice damage, wind, hail, fallen trees, lightning strikes, and power surges. You might need to purchase additional policies if you’re seeking financial protection for earthquake and flood damage.

Water Damage

If your property has experienced sudden or accidental water damage, such as from a water heater rupturing or an upstairs pipe bursting, your homeowners’ insurance policy will likely help cover the costs of the damage.

Dwelling coverage can help pay for structural damage, such as a wall being damaged from a pipe bursting. You might also receive personal property damage, such as if a bursting pipe damaged a computer. However, some water damage might not be covered, such as damage from unresolved maintenance, replacing or repairing the source of the water damage, floods, and water backing up from an outside sewer or drain.

You might never expect your home to be damaged by fire or a storm, and you might not think you’ll ever be the victim of theft. However, if those events ever arise, you’ll enjoy much-needed peace of mind knowing that your homeowners’ insurance policy will likely cover many of your related costs.