Homeowners insurance can help protect you from the unexpected. If your home is damaged, your belongings are stolen or someone gets injured on your property, Homeowners insurance helps cover the costs to repair or replace your home and belongings in the event they are damaged by covered threats like fire, theft and severe weather. Homeowners insurance is an important way to help ensure that you will be able to rebuild your home and replace the items in it should misfortune strike. Homeowners insurance can help protect you against the costs of property damage or destruction, and can also provide help to cover the costs of liability exposures if, for example, someone is injured on your property.
A homeowners policy is recommended for anyone who owns a home or condo and may even be required by your mortgage lender. You will need separate coverage to help protect your home and personal belongings against damage due to floods or earthquakes.
If the unexpected happens, home insurance can help you restore your life back to normal.
A typical homeowners insurance policy includes several types of coverage, coverage limits and deductibles. Consider how the following coverage can help ensure your home and assets are covered.
Dwelling coverage can help pay to repair or rebuild your house if it is damaged by a number of different scenarios or risks. Some examples of the types of risks that may be covered include:
Your dwelling coverage limits are based on the estimated cost of rebuilding your home. While the current market value of your home may be lower than you’d like, the cost to rebuild may be higher than you think. Over time, economic changes – such as labor or material costs – could make rebuilding more expensive than initially anticipated.
Updates, additions, and improvements to your home may increase or change the coverage you need. Some common home changes include: installing hardwood floors, updating a kitchen or bath or adding a deck. As a result, it’s important to periodically review your coverage.
While you can’t predict when a covered loss occurs, there are several steps that you can take to help ensure your home is covered up to its replacement cost.
You can insure your personal property through these three insurance policy types – homeowners, condo and renters – by asking your independent agent to explain the protection that comes from these policies.Consider personal property protection to help ensure that all the things that make your house a home are protected from the unexpected.
For example, if your family normally spends around $200 a week for food, but now you are staying in a hotel without a kitchen, you may need to eat out for most of your meals. Eating out is costing you $300 a week. Under loss of use coverage, the $100 additional expense per week would be covered.Do I Have to Pay a Deductible on Loss of Use Insurance? You may be responsible for a deductible for other parts of your claim. Your homeowners insurance representative can explain your deductible further and help you explore other coverage you may want to add to your homeowners policy. The goal is to make sure you have coverage that fits your needs.