For most people, a home is their largest asset. If you are a new home buyer, you may be wondering “what is homeowners insurance?” and “why do I need to have it?”
Homeowners insurance insures the structure of your home against fire, theft or other accidental damage that may occur. When you move in, your home will be filled with many things that are very important to you. Your home insurance protects your personal property inside the home as well.
Home insurance also provides personal liability coverage in the event someone is hurt at your home, or by a household member.
How do I get the most insurance at the best price?
There are several deductible options to choose from with your home insurance. The most popular deductible is $1000, but some companies will go as high as $5,000. The higher the deductible, the greater the savings. Another way to save on your home insurance is to place your home and auto insurance with the same company. Most insurance companies offer 10-40% savings if you package the home an auto together saving you money on both policies. It is important to get the right amount of homeowners insurance.
Finding the right home for you and your family was an important decision. You searched for the right home, in the right neighborhood, at the right price. The same amount of care should be taken to make sure you have the right home insurance policy.
Homeowners insurance is designed to provide financial protection for you in the event of a disaster. Standard homeowners policies are package policies. They provide coverage for your property, both your home and its contents, as well as providing personal liability coverage. Most disasters are covered by your homeowners policy, but there are exceptions. Problems that may affect your home caused by lack of routine maintenance are generally excluded from your policy. Damage caused by earthquakes is not normally covered by a homeowners policy. Earthquake coverage must be added to a homeowners policy through an endorsement or must be carried as a separate policy. Another coverage that is not included under the normal terms of your homeowners insurance policy is damage caused by floods. Flood insurance may also be purchased on a separate policy. There may be other exceptions and non-covered events in the terms of your policy. Remember, you should always check with us if you have specific questions regarding your policy coverages.
As always, it is important to discuss the specifics of your policy and/or plan with an insurance professional. For more detailed coverage information please contact our office and speak to one of our associates, we are here to help.
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