Why do you need Homeowners Insurance?

 

When you finally purchase your dream home, mortgage companies require proper homeowners insurance coverage enforced prior to closing to protect their financial interest. Homeowner's insurance is not only just for houses, but also condos, co-ops, and rental units. Its always to your best interest to insure your property because after all, this is probably the biggest asset you own in your life. Home insurance protects you in the following ways:

 

- Home Insurance protects your building and other structures against loss caused from accidental or weather related damages. In the event that your home is inhabitable due to a covered peril your living expense is also covered.

- In addition, home insurance also covers your personal property if the loss is due to a covered peril. If you wanted to cover a specific item such as a wedding ring, necklace, etc. home insurance allows you to add an additional endorsement known as a floater to the policy.

- Liability is always a concern when owning a home because you just never know what may happen on and off your property when you have visitors.

 

What is important in your Homeowners Policy?

 

Dwelling - Covers your primary building structure from covered perils. Examples of covered perils include fire or lightning, windstorm or hail, explosion, riot or civil commotion, damage cause by aircraft or vehicles, smoke, vandalism or malicious mischief, theft, volcanic eruption, falling objects, weight of ice, snow, or sleet, and freezing of plumbing.

 

Other Structures - Coverage for anything not attached to the dwelling such as fence, shed, detached garage, shed, pool house, etc.

Personal Property - Replaces the contents inside your home due to a covered loss. Be sure to find out if your personal property is covered for actual cash value or replacement cost.

 

Loss of Use - Pays up to the policy limit in the event your home is inhabitable due to a covered loss.

 

Liability - covers against a claim or lawsuit as result from bodily injury or property damage to others caused by negligence on your property or as a result of your personal activities anywhere.

 

Medical Payments - coverage pays for medical expenses for persons not including family members living with you, who are accidentally injured on your property regardless of fault.

 

Be sure to get your Free Home insurance quote and be on your way to a better protected and affordable insurance policy.