Homeowners insurance assists in providing financial protection for your home and personal possessions. Learn the essentials of what homeowners insurance is and what is covered by it.
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What Is Homeowners Insurance?
Homeowners insurance comprises of coverages that helps pay to repair or replace your home and possessions if they’re damaged by certain threats, like flooding or theft. It also helps cover costs if you accidentally damage someone else’s property or if a visitor gets injured while at your home.
How Much Does Homeowners Insurance Cost?
The cost of homeowners insurance depends on several factors, comprising of the coverages you choose, features of the home and the value of your personal possessions. There can also be added costs for additional coverage or heightened coverage limits. An insurance agent can help you decide on the coverages that will fit your needs and help establish if you are qualified for any policy discounts.
What Is Covered by Homeowners Insurance?
Homeowners insurance usually covers:
- Your home
- Other facilities on your property
- Personal effects
- Liability for damages to someone else’s property or injuries
You might also be able to buy additional coverages for even more protection. Typical policies provide coverage for damage that are caused by fire, windstorms, lightning strikes, and hail. However, it’s important to know that not every natural disaster is covered by homeowners insurance. For instance, damage that is caused by earthquakes and flooding aren’t usually covered by homeowners insurance. You might be able to buy separate policies to help safeguard your home and possessions against those kinds of threats.
One of the primary coverages for a homeowners insurance policy is called dwelling protection, that helps cover the structure of the home that you reside in, such as the home’s foundation, roof and walls. Dwelling protection can also help cover other structures attached to the home, like a garage or pool deck, against certain threats.
Structures Protection For Other Structures
A lot of homeowners insurance policies also comprise of coverage for other structures on your property but are separate from your home, such a detached garage, shed or fencing.
Personal Property Protection
Homeowners insurance not only helps cover damage to the home. It can also provide coverage for the personal belongings you keep inside it. Maybe your flat screen TV is stolen from your home or your furniture gets damaged by fire. Personal property protection is there to help pay to repair or replace your belongings when they are damaged or destroyed by a covered threat. A lot of insurers provide optional coverages that can additionally help protect the things you own. For example, you might be able to buy extended coverage for things like a coin collection, jewelry and watches that are valued above the personal property coverage ceiling.
Typical homeowners insurance policies offer liability coverage when an individual not living with you is injured while they’re on your property. Maybe a visitor slips and falls on your backyard deck. Bodily injury liability coverage can assist in paying for your ensuing legal expenses or your visitor’s related medical bills if it is founded that you are at fault. You might be able to increase your liability coverage ceiling with the addition of a personal umbrella policy. Klimes Insurance can explain what your coverage options are.
Coverage Limits And Deductibles
Remember that each coverage in homeowners insurance policies are subject to limits — the maximum amount the policy would pay out towards a covered loss. You might be able to adjust your coverage limits to suit your needs — accounting for, for instance, the value of your home and possessions and how much it might cost to repair or replace them if they get damaged or destroyed by a covered threat.
In a lot of cases, you will usually have to pay your deductible prior to your insurance benefits kicking in to help cover damage or a loss. Go over your policy or speak with your agent to review your coverage ceilings and deductibles. Most likely you can typically modify them to suit your needs.
The protections provided by a homeowners insurance policy can serve as a safety net when the unexpected occurs. Klimes Insurance can help you choose the types of coverage and ceilings that make sense for you and your home.
Homeowners Insurance Quotes
From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today.