What is homeowners insurance?
Homeowners insurance helps provide financial protection for your home and personal belongings.
Homeowners insurance is made up of coverage’s that may help repair or replace your home and belongings if they are damaged by certain perils, such as fire, theft, or flooding. It can also help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home.
What does homeowners insurance cost?
The costs of homeowners insurance depends on many factors, including what coverage you select, features of your home and the value of your personal belongings. An agent can help you choose the coverage’s that fit your needs and also help determine if you are eligible for discounts.
You can also purchase additional coverage’s for greater protection. Typical homeowners insurance policies cover things such as fires, lightning strikes, windstorms and hail. But it is very important to know that not all natural disasters are covered by homeowners insurance. For instance, damage caused by floods are not typically covered by homeowners insurance. You can purchase separate insurance policies to help protect your home and belongings from this type of damage.
One of the basic coverage’s of a homeowners insurance policy is dwelling protection, which helps protect the structure of the home in which you live (foundation, walls and roof). Dwelling protection may also help protect other structures attached to your home such as the garage or deck.
Personal Property Protection
Homeowners insurance does not just help cover damage to your home. It may also provide coverage for your personal belongings that you keep inside of it. Personal property protection may help pay to repair or replace belongings if they are damaged or destroyed by a covered risk. Insurers usually offer optional coverage’s that may further help protect the stuff you own. For example, you can purchase extended coverage for items such as jewelry, watches and furs that have values above your personal property coverage limits.
A typical homeowners insurance policy provides liability coverage when someone not living with you is injured while on your property. Suppose a visitor trips over your broken porch step. Bodily injury liability coverage may help pay for your resulting legal expenses or the visitor’s associated medical bills if you are found at fault. You may be able to increase your liability coverage limits by adding a personal umbrella policy. Your agent can explain what options are available to you.