The limitations on jewellery, fine arts, furs, costly rugs, electronics, etc. are often set. These more expensive items should frequently be covered by a personal property rider. Learn more about Miller Hanover Insurance. In addition to not knowing what is covered by an insurance policy, many homeowners do not know what property is inside the house. Not having a home inventory is a big mistake when it comes to insuring your home. Know what you have and keep 2 copies of the inventory, one for a fire-proof safe in the house and another copy for a different off-premises location, such as a safe deposit box. Should the unexpected take place, this will come in handy.Another component of homeowner’s insurance is liability coverage, this is a very important component. If you are sued or if someone files a claim against you or if the court holds you accountable for someone else’s injury or property damage then your insurance policy will provide some liability coverage. Liability coverage protects the owner from personal liability, damage to someone else’s property, and medical expenses for injury to others.The final component of a typical homeowner’s insurance policy is the additional living expense. If you become displaced from your home due to a loss that is covered by your homeowner’s insurance policy, like a fire or frozen and broken pipes, etc. then this portion of your insurance will help to pay for your hotel or apartment expenses. So, not only should your insurance pay to repair the damage to your home but it should also reimburse you for additional living expenses while the repairs are being completed. Do be confused and think that your homeowner’s insurance only covers the home itself. There is a lot of coverage in your homeowner’s policy that can come in handy in times of need. Other than the liability insurance and the additional living expenses insurance, if you have a loss of personal property when you are off the premises your standard insurance policy may cover the loss. For example, if you have suitcases stolen while you are away on vacation, you are probably covered.