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Homeowners Insurance

Understanding the Basics of Homeowners Insurance

Anyone who owns a home should have homeowners insurance. Period. It’s the best way to protect your investment in the event of a minor mishap or major disaster. There is also protection if you or a family member is held legally liable for injuries to others or destruction to their property. In many cases, having this coverage is not optional because most lenders demand this insurance before approving a mortgage.

What Kinds of Incidents are Covered?

Different polices will cover different mishaps, so it’s best to speak with one of our agents to learn about your options. Some things that are usually covered include windstorms, lightning, fire, hail, vandalism, and theft. Damage from earthquakes and floods is not covered by traditional homeowners insurance, so you will need coverage specifically for those types of events.

Types of Coverage

Liability coverage is for when you are sued because someone gets injured on your property. Then there is personal property coverage. This is for property stolen or damaged inside or outside of your home. For example, if your ring is stolen while you are on vacation, then you can file a claim even though the ring was not stolen from inside your home.

Dwelling coverage is for the physical building itself, like the roof and walls. But it should also cover additional structures such as a shed or separate garage.

An optional choice for coverage is reimbursed living expenses. If your home should become uninhabitable, then the insurance would temporarily cover living costs such as hotel stays and food for a specific amount of time.

The bottom line is that even if you don’t have a mortgage, you should have homeowners insurance. It’s simply the best way to protect what is probably your biggest investment and provide peace of mind for you and your family.