Before you purchase a homeowner’s policy, you need to understand what it covers and what it doesn’t. It’s also important that you are aware of certain expenses that may be covered if something catastrophic happens to your home. The more you know about homeowners insurance, the easier it will be for you to create a policy that covers your home, your belongings, and any other type of damage you may experience if an event occurs.
Damage to Property
Homeowners insurance covers most types of damage that occur to the interior and exterior of your home. Although a basic policy doesn’t cover every type of damage, it will protect you from many of the most common types of damage. You may need to purchase additional coverage for your valuable items. This includes jewelry, antiques, works of art, and collectibles. Understanding the value of your possessions will help you buy a policy that sufficiently covers all of your possessions.
Personal Liability That Covers Both Injuries as Well as Damages
Homeowners insurance also covers most types of liability as well. Liability coverage protects you if a person is injured while visiting your property. This type of insurance will cover the medical expenses your guest may incur. Liability also covers damage to other people’s property if it is located on your property. The liability insurance provided by a homeowners policy is similar to that included with your car insurance policy. With the cost of medical treatment constantly going up, having sufficient liability insurance is extremely important.
Expenses Associated with Being Displaced
Another benefit of a homeowners insurance policy is that it will cover a hotel or other accommodations that are required if your home is damaged to the point where you cannot stay there safely. This is often the case if a fire breaks out or you have experienced water or storm damage. Extensive damage may make your home structurally unsafe, which means you will be forced to stay elsewhere until your home is repaired.
Specialty Policies
A basic homeowners policy will cover many things, but there are certain events that require their own policies. This includes earthquakes, floods, and hurricanes, which all require special policies. Part of the reason for specialty policies is that events like these only occur in specific areas. Hurricanes and earthquakes most often occur along the coastlines, while floods occur primarily in flood plains or low-lying areas that are near larger bodies of water. Many people live in areas where more than one of these events can occur at the same time.
Homeowners’ insurance is easy to understand. Talking to a reputable insurance agent will help. At Pierce Insurance Group, our agents are dedicated to helping our customers understand what is included in their policies. If you do have a question, don’t be afraid to ask. We are always available to evaluate your needs and make sure you have the perfect homeowners’ insurance policy in place to protect yourself and your family.