Homeowners Insurance

Here are a few things you need to know about Homeowners Insurance:

The most important aspects of homeowners insurance includes: dwelling coverage, protecting the structure of your home, and personal property coverage. It also protects belongings inside your home, liability coverage protecting you against lawsuits for injuries on your property, loss of use coverage, paying for living expenses if your home becomes uninhabitable due to damage, and understanding your deductible and coverage limits. 

Key points about homeowners insurance:

• Dwelling coverage:

  This is the primary coverage, paying for repairs to the structure of your house, including the roof, walls, foundation, and attached structures like decks. 

• Personal property coverage:

  This covers damage or theft of personal belongings inside your home, such as furniture, electronics, and clothing. 

• Liability coverage:

  This protects you against lawsuits if someone is injured on your property and you are found legally responsible. 

• Loss of use coverage (additional living expenses):

  If your home is damaged and uninhabitable, this coverage pays for temporary housing costs like hotels and meals. 

• Other structures coverage:

  This covers damage to detached structures on your property like garages, sheds, or fences. 

• Deductible:

  The amount you pay out of pocket before your insurance coverage kicks in for a claim. 

• Coverage limits:

  The maximum amount your insurance company will pay for a covered claim. 

Important factors to consider when choosing a homeowners insurance policy:

• Location:

  Where you live can affect your premium due to factors like natural disaster risk and crime rates 

• Replacement cost value:

  Ensuring your dwelling coverage is based on the cost to rebuild your home, not just its market value