What is homeowner's insurance and what does it cover? Get the facts you need to know and learn how BrokerLink is here to help.
For many, a home is the biggest purchase they'll make in their lifetime. If you are shopping for a home, homeowner's insurance is an absolute must!
Just like you would purchase health or auto insurance, homeowner's insurance provides proper protection for your most significant investment. A form of property insurance, homeowner's insurance covers damages to your home and assets.
Homeowner insurance coverage assures your home assets when disaster strikes. With one in 20 homes making an insurance claim each year, disaster does indeed strike, and it strikes often.
Typical homeowner's insurance claims include:
- Wind and hail damage
- Fire and lightning damage
- Water and freezing damage
- Liability (injury)
- Non-theft property damage, such as vandalism
If you are looking for the most comprehensive homeowner insurance, visit us at any of our country-wide locations. Whether you need protection for your home, condo, mobile home, or mortgage, we can make sure you have the insurance you need.
What is covered by homeowner's insurance? Typical coverage includes:
- Internal and external home structure damage
- Damage to assets within the home, such as furniture and personal belongings
- Liability protection for injuries to you, your family, or guests
- Lodging expenses incurred when your home gets damaged
Many homeowner's insurance policies include comprehensive coverage for assets and liability, as well as structure, but it's not guaranteed. You will need to do your homework to see what plan is right for you.
If you are a shut-in and don't expect to have people over that often, you might not need (as much) liability coverage as someone with a large family and frequent guests.
Are you eyeing that charming Victorian built circa 1930? While it may be the perfect old house, you could end up paying higher rates because of the greater risk of plumbing problems, for example.
Just like with any other type of insurance, knowing what kind and how much coverage you realistically need is critical to getting the best deal.
What's Not Covered
There are limits to homeowner policies. Homeowner insurance coverage does not include natural disasters, also known as "acts of God." This means that floods, hurricanes, and earthquakes are not covered under a typical homeowner's insurance.
For natural disasters, there are generally separate policies you can get to protect your home assets. Some regions may even require that you get disaster insurance to secure a mortgage, as in a flood plain, for example.
Homeowner's insurance does not cover maintenance-related damage. If a house is old or poorly maintained, your policy won't protect you when something happens. So if you've never repaired an old water heater, for example, and it suddenly starts bursting at the seams, you're on your own.
Protecting Your Greatest Asset
Homeowner's insurance is a critical piece of protection you'll need. Contact us today to get the insurance policy that's perfect for your situation.
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