Homeowners Insurance

Coverage Includes:

Expect your policy to cover your personal property, the replacement cost of your home, and provide you with liability coverage. A good policy will also provide you with loss of use coverage. This provision would pay for accommodations such as a hotel room or rental unit in the event that your home becomes uninhabitable. Ask your agent about the specifics of what your policy covers, as well as what it excludes. Both can be extremely important when filing a claim.

The Need:

If you own a home, protect that home with a homeowners insurance policy. If you own your home and rent it, only replacement cost is necessary. Remember that insurance is about covering risk in the event of loss. Consider your exposure as you purchase your policy

Policy Basics:

When purchasing your policy, the amount you pay for your policy will depend primarily on the amount of coverage that you obtain, and the policy deductible. Similar to auto insurance, your coverage on your home insurance will not trigger until your deductible is met. A higher deductible means a higher out of pocket cost in the event of a loss, but it also means a lower premium. Talk with your agent about your options.

Benefits Of Coverage:

If your home sustained catastrophic damage, could you write a check to have it repaired? For most Americans, the answer is no. Much like a mortgage allows for the purchase of a home without cash on hand, insurance allows for the restoration of an asset without cash on hand. Don’t put your greatest asset at risk by not purchasing coverage.