Homeowners insurance is a necessity for financial security and making sure one of the biggest investments you will ever make is secured. There are different kinds of homeowners’ policies. Some are more extensive than others, while a few cover one particular peril like floods, hurricanes, and earthquakes. Basic life insurance is what most people initially purchase. It’s affordable and will protect you against many of the most common perils. Here’s an in-depth look into homeowners insurance.
Dwelling and Other Buildings
Coverage to your home and other buildings on your property will cover any repairs caused by unforeseeable events like severe weather, burst pipes, or an object hitting your home. Insuring your home for its cash value may not provide you with enough of a payout if your home is destroyed. If you want to rebuild your home to its current condition, you will want to insure your home for its replacement value, which may be considerably higher.
Personal Property
Your homeowners’ coverage will also pay to replace any personal items that are lost, damaged, or destroyed. It’s a good idea to create an inventory of your personal possessions. A video inventory is even better. Your inventory should contain as much information as possible, including each items’ make, model, and serial number. If you have any purchase information, include it as well.
Personal Liability
Personal liability is also included in your homeowners’ policy. This type of coverage will go into effect if someone is injured while visiting your property. It will cover any related legal expenses, medical expenses, and lost wages coverage for any time they may have to miss work. This is one of the most important types of coverage to have because of the subjective nature of the claims. While you can reduce the risk of an injury, you cannot completely prevent them. Be mindful of any places on your property where repairs may be needed to prevent any risk of personal liability claims.
Loss of Use
Loss of use coverage is a good thing to have if you are ever displaced from your home due to repairs. After a catastrophic event, you may not be able to live in your home until it is repaired and approved by a building inspector. If this situation happens to you, your loss of use coverage will provide you with the funds you need to find other living arrangements until you can return home.
Typical Perils Not Covered
Your homeowners’ insurance policy does not cover many perils. Typically, floods, earthquakes, and hurricanes are the most common perils not covered. Certain types of water damage are also not covered. This includes sewer damage and water damage caused by a leaking roof that was not well-maintained. Go over your policy with your agent if you are unsure of certain types of coverage.
Your home is your pride and joy. If you want to make sure that it is fully protected, you will want to purchase homeowners’ coverage you can rely on. Contact the agents of Weeks & Associates Insurance Services and let them walk you through the steps to buying the perfect homeowners’ policy. They have the knowledge and experience you can trust if you want a personalized policy.
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