Homeowners insurance is vital to owning a home. Lenders require you to carry homeowners insurance to protect their investments, as well as yours.
What You Need to Know
Dwelling – Also known as your home, is considered the building at its core and is what will be covered in your homeowners insurance. It will pay for damages and/or total loss of your home in the event you have a loss.
Personal Contents – Covers ANYTHING in the dwelling, such as furniture, appliances, clothes, etc., if they are damaged, stolen, or lost in a claims situation.
Medical Payments Coverage – Covers medical bills for a person hurt on your property.
Liability Coverage – Protects your family from financial risk if they are found negligent or legally responsible for other parties injuries or damages while on your property.
Loss of Use – Covers payments for additional expenses incurred due to you being unable to reside in your residence due to a claim.
Endorsements & Additional Coverages
Here are a few other additional coverages you may want/need on your Homeowners insurance policy:
- Scheduled Jewelry/Fire Arms/Fine Arts, etc, Protection
- Extension to a Secondary Residence
- Identity Theft Coverage
- Water Back Up of Sewer or Drains
- Tree Removal Coverage
- Mold Limited Fungi Coverage
- Watercraft/Jet Ski Coverage Option, Often referred to as Toy insurance
- Business in the Home
Things to be aware of when purchasing your Homeowners Insurance policy:
- Estimated replacement cost – This is where we come in! We can help determine the minimum cost to replace your home. This is a key component in making sure you are adequately covered.
- Flood insurance coverage – not included
- Earthquake coverage – not included
- Fire insurance – not included
- Deductible – Pick a deductible that works for your family budget.