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Homeowner's Insurance

When you think of homeowner's insurance, think "Protection." Most people simply cannot afford to rebuild their homes nor they have the financial ability to replace the valuable things inside. That is why home insurance is truly important. Here is what you should know about homeowner's insurance:

What is Homeowner's Insurance?

A homeowner's insurance policy can protect your home against damages that occur to the house itself and the belongings inside. Homeowners coverage can also protect your property, some of your personal possessions, and you. It's a package policy that combines two types of coverage:

  • Coverage against your property being destroyed or damaged by certain events (i.e. fire, theft and windstorm)
  • Coverage for liability exposure occurring in/around your home (i.e. someone being injured on your property)

For example, if something unexpected occurs (such as fire or burglary), homeowner's insurance will help pay for destruction and losses.

In addition, a home insurance policy may provide liability coverage for accidents that occur on your property (including both property damage and bodily injuries incurred by visiting guests), and may even cover certain accidents that occur off your property.

There are several different coverage types built into a home insurance policy and it's important to know what coverage types apply to what damages.

What does Homeowner's Insurance Cover?

  • Fire
  • Hail
  • Lightning
  • Windstorm
  • Theft
  • Vandalism

While other hazards, such as floods and earthquakes, are not typically covered by standard policies there are additional coverage options available.

What Types of Coverage Do Common Policies Provide?

A standard homeowner's policy typically provides the following types of coverage:

  • Dwelling Coverage

    Dwelling coverage helps protect the structure, built-in appliances and wall-to-wall carpet of your house from damage. In terms of your home insurance policy, your "dwelling" means the entire structure of your home and any connected structures (i.e. attached garage or cellar). In the event your home is damaged by a covered loss, this will help to cover repairs or any rebuilding that needs to take place as a result.

  • Other Structures Coverage

    Other Structures coverage applies to structures on your property that are not attached to your dwelling. If an unattached structure (i.e. shed, garage or guest house) is damaged, Other Structures insurance may help cover the associated costs.

  • Personal Property Coverage

    Personal Property coverage protects the personal belongings in your home, (i.e. furniture or electronics), if they are damaged or destroyed by a covered loss.

  • Liability Coverage

    Liability coverage covers costs for bodily injuries occurring on your property (i.e. medical bills, loss of income, pain and suffering, etc.) and legal fees.

  • Loss of Use Coverage

    In the event you need to temporarily move out of your home due to a covered loss, Loss of Use insurance will cover additional housing and living expenses that you incur. For example, if you have to move out of your home while it is being repaired or rebuilt after a covered accident, Loss of Use insurance would cover the cost of a hotel or temporary apartment.

Is Homeowner's Insurance Required?

Homeowner's insurance is not required by state law. However, your lender may require that you obtain a policy and a certain level of home insurance coverage.

Call today to help protect your home and family from unknown future events. 408-528-1528