When you purchase a home, the last thing on your mind is home insurance. You are ready to decorate and move in, with little regard for your home insurance coverage. However, homeowners insurance protects your home. It also helps you increase the chances of you and your family returning to your home following an emergency.
Understanding Home Insurance
Home insurance works much like your car insurance, but it’s for your house. A home insurance policy can help you cover the costs of repairing or replacing your home if you experience a qualified loss. Qualified losses may include:
- Fires
- Theft
- Weather-related damage
- Vandalism
Of course, the type of coverage and the events that are covered under your policy may vary.
The Basics of Homeowners Insurance
Essentially, homeowners insurance is designed to help you financially if you experience a loss. As a result, there are certain matters concerning your home insurance you need to know to cover your investment thoroughly.
Dwelling coverage: A comprehensive home insurance policy provides you with dwelling coverage, which may help you cover the cost of rebuilding and repairing your home following a loss.
Personal property: Items included in your home are considered personal property. For instance, your furniture and your electronics are personal property.
Liability coverage: Although most policies don’t include much liability insurance, there is some included in the policy. This coverage may help you if a guest is injured at your home while visiting.
Deductible: Your deductible is the amount you pay to the insurance company following a loss. A deductible is an additional payment beyond your monthly premium. Once you pay your deductible, your insurance company will likely cover the rest of the costs, up to policy limits.
What’s Not Covered by Your Homeowners Insurance?
Of course, all home insurance policies are different, but it helps to know what isn’t covered by a traditional policy. When you know what’s not covered, you can purchase additional insurance to get the coverage you need for your home. The following are a few things may not be included in your coverage:
- Damage from floods
- Damage from earthquakes
- Damage from war
- Damage from risky behaviors
The best way to learn more about your home insurance policy is by talking with a qualified agent. They can assess your needs to ensure they quote the best policy and get you covered with just a short phone call.
Get the coverage you need.
Here When You Need Us
Don’t hesitate to get a homeowners insurance policy right now! If you have any questions about car insurance or need help, Contact O'Neal & Associates Insurance at 478-788-1104.