What is Homeowners Insurance?
Homeowners insurance provides coverage for your home. These policies will compensate you if a loss occurs. In the unfortunate event there is damage to your home, your policy will help to replace items lost, repair your home, or rebuild if necessary. Protecting your investment should be a top priority! Let’s learn more!
What are the coverage options?
- Dwelling: This is going to help cover damage done to the physical structure of you home and or attached structures. Fires, weather (lightning, wind, and hail), and vandalism and theft would be considered.
- Liability: This type of coverage will protect you in the event you are sued or an accidental injury occurs on the property.
- Personal Property: This will provide coverage for replacing belongings.
- Medical Expenses: This will cover injuries sustained on the property.
One thing you will want to consider while purchasing a policy would be “Acts of God”. Acts of God will include things like earthquakes and floods. Of course, depending on where you reside and if you are more prone to those types of natural disasters would determine if you needed that extra coverage.
How much will my Homeowners premium be?
Depending on the value of your home and how much coverage you buy will determine your premium amount. Another thing that can affect your premium would be the state you reside in. However, premiums can typically range from $400-$1,500 (or more) per year. However, it will depend on your personal situation and a personal quote is always best!
What happens when you file a claim?
In the event of a loss, you would file a claim with your insurance company. After that, a claims adjuster will come out and assess the damages for the claim. The insured will be responsible for paying the deductible. The deductible is the amount you pay before the insurance company will pay their portion.