Anyone Who Owns a Home Needs Homeowners Insurance
Homeowners insurance is a must for any homeowner. In most states, you can’t even get a mortgage if you don’t have or will soon have homeowners insurance. A home is a huge investment, and insurance is simply an excellent way to protect that investment.
This insurance is for anyone who owns a single-family home. If you live in an apartment or condo, then you need a different type of insurance. Also, if you are a landlord, then you need landlord insurance, which is different from homeowners insurance.
Homeowners insurance is a policy that covers your home and its contents. There is also liability insurance. This type of policy covers many mishaps, including hail and fire damage, while excluding coverage for other mishaps such as floods.
While the policy covers your home for incidents such as fire, wind and hail damage, theft and vandalism, note that flood coverage is not included. You must purchase flood insurance separately. You should also make sure your policy includes liability coverage. This is for events such as someone falling and hurting himself on your property or if your dog bites someone. If you have a claim, then you call your insurance company so a claims adjuster can evaluate the situation. The insurance company will then determine how much it will pay you minus your deductible.
The benefit of this type of policy is the protection it provides for your home. Your home is likely worth thousands of dollars or more. Insurance protects your investment from mishaps. Another major benefit is the personal liability protection. Lawsuits can cost big bucks. It’s ideal to have insurance that will cover any payments you’re required to make.
Homeowners insurance is usually very similar and covers the basics. Speak with an insurance agent to learn more specifics about coverage.