You’re going to make a significant investment when you buy your first house. Given that most homes these days cost six figures or more, the initial price is enough. Once you factor in the costs of simple upkeep over the house’s lifetime, you are looking at a hefty bill.
What would happen if something happens to your home? You don’t want to lose out on all that you’ve put into your property. That could mean a big loss for your family. So, when something happens, let your homeowner’s insurance can help.
The Coverage Available in Homeowners Insurance
Homeowner’s policies vary, and that’s a good thing. Every home is unique, so each one needs a unique policy. However, most policies contain similar protection for the home's most valuable assets.
- Structure coverage can pay for you to repair or rebuild the house itself. Damaging incidents might result from fires, vandalism and theft, and weather. How policies will pay for structure coverage vary. Some might pay based on the depreciated home value at the time of the damage. Others might pay the full amount of money required to build a similar or identical structure.
- Property insurance extends coverage to other structures within the property lines. These might include garages, storage sheds or other outlying structures.
- Possessions protection extends a degree of coverage to your family's personal belongings. It might help you replace furniture, clothing, food, electronics and more. Remember, possessions coverage might not cover all the costs to replace all items.
- Liability insurance extends not to your own property, but to other people. If someone gets hurt or sustains property damage as a result of your actions, you can turn to this coverage. Liability insurance can help you compensate those parties for their losses.
Keep in mind that every policy will likely come with limits and exclusions to coverage. So, talk to your insurance agent about the specific qualities of your home. Your agent can then better tailor your policy to your needs.
The Technicalities of Getting Insurance
In most cases, you have to give a fair amount of consideration to getting homeowner’s insurance. You usually need coverage on the advice of your mortgage provider. For example, most lenders require policyholders to get minimum levels of coverage.
Furthermore, you might have to get specialty types of coverage, like flood insurance. Many people need this coverage because they reside in areas with high risks of floods. However, standard home policies don’t usually contain flood coverage.
So, if you are ready to get coverage, contact one of our agents today. We can help you get targeted coverage that will effectively protect your home. Give us a call at 631-395-1000 for more information.
Also Read: Homeowners Insurance: Actual Cash Value vs Replacement Cost - What Coverage do you have?