Homeowners insurance protects your home and your family
Your home is one of the greatest assets. It is very important to have adequate coverage in the case of a loss. Homeowners insurance helps provide financial protection for your home and personal belongings.
What Does Homeowner Insurance Cover?
Homeowners insurance provides coverage for your Dwelling, Other Structures On Your Property, Personal Property, and Liability for injuries or damage to someone else’s property.
How Much Insurance Coverage Do I Need?
The 80% rule in home insurance dictates that you need to insure your home for at least 80% of its replacement cost to receive full coverage on claims. If your coverage is less than 80%, your insurance company may only pay a portion of your claim based on the percentage of coverage you have.
Dwelling Coverage
Dwelling coverage is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it’s damaged by a covered hazard.
Personal Property Coverage
Personal property coverage is for items you own such as furniture, electronics and clothing, for example. This type of coverage helps pay to repair or replace your belongings after a covered loss, such as theft or fire.
Liability Coverage
Personal liability protection on a homeowners policy is a critical way of protecting yourself if you’re held liable for someone else’s injuries on your property – or cause damage to someone else’s property. It can mean the difference between picking up where you left off and being on the hook for upwards of millions in legal fees, medical costs or repairs.
Other structures Coverage
Other structures coverage is the part of a homeowners insurance policy that helps pay to repair or replace structures other than your home, such as a fence, if they are damaged by a covered risk.
What is typically covered by most standard homeowners policies?
- Fire/smoke
- Lightning strikes
- Windstorms
- Hail
- Explosion
- Vandalism
- Theft
- Damage caused by the weight of snow, sleet or ice
- Falling objects
- Damage from an aircraft
- Damage from a motor vehicle
Every Home is different
A typical homeowners insurance policy usually includes dwelling, personal property, liability and other structures coverage. However, coverage needs are unique and there are many available coverage options to fit the needs of your home and lifestyle.
