Home Insurance

Protect Your Home with Homeowner’s Insurance

Protect Your Home with Homeowner’s Insurance

Homeowner’s insurance is a requirement if you have a mortgage on your home. That’s because your lender knows that insurance coverage is vitally important for an important asset, such as a house. Your insurance pays for repairs to your home if it’s damaged by a covered incident, such as a windstorm. Home insurance even covers the cost of rebuilding the house if it was destroyed in a fire. Most individuals can’t afford to repair or replace their home without insurance. 

Your insurance also protects your belongings in case of theft or vandalism. Another important component is the liability portion. If someone gets hurt on your property, you may be held liable. By having insurance, you’re protecting your other assets as well. Without liability insurance, they may come after your retirement or investment accounts.

Why Home Insurance Is Essential

Why Home Insurance Is Essential

We don’t like to think about the possibility of bad things happening, but they are a fact of life. A hailstorm, excessive snow, or a fire can cause a lot of damage to your home in a relatively short amount of time. It’s not always possible to prevent a catastrophe, but you can protect yourself and your family from the financial fallout of one by getting adequate insurance coverage for your home.

If a hailstorm damages your windows or your roof, you may spend tens of thousands of dollars on repairs. If someone gets seriously injured on your property, you may be liable to pay for their medical bills. The only thing that stands between you and a catastrophic event is your insurance policy.

Who Needs Homeowners’ Insurance?

Who Needs Homeowners’ Insurance?

Almost everyone who owns a home should have homeowner’s insurance. Even if you can afford to pay for hail damage repairs, you probably can’t afford to rebuild your home if it was completely destroyed. Additionally, it’s always a good idea to have liability coverage to protect your other assets from potential legal claims.

Cash Value vs. Replacement Cost Coverage

Cash Value vs. Replacement Cost Coverage

It’s important to understand the difference between cash value versus replacement value coverage. With a cash value policy, your insurance will reimburse you the market value of your home or belongings before they were destroyed. In most cases, that’s much less than you paid for. A used TV, bed, or computer isn’t nearly worth as much as the new equivalent. 

Replacement cost coverage doesn’t concern itself with how much your items were worth. Instead, it reimburses based on how much it would cost to buy a new equivalent of the same. For obvious reasons, replacement cost coverage increases your insurance premiums, but it may be worth it to you.

FAQs about Insurance for Homeowners

FAQs about Insurance for Homeowners

Even though lots of people have homeowner’s insurance, not everyone really understands what it’s for. Here we’ll answer some commonly asked questions. For more specific information on premiums and coverage limits, please reach out to us.

Is House Insurance a Good Idea?
Purchasing insurance for your house is always a good idea. It covers the repair and replacement costs for many catastrophes, which are more common than you might think. Your insurance policy should also give you liability coverage to protect your other assets in case someone gets hurt on your property. If you don’t have a mortgage on your home, you’re not required to carry a policy. However, it’s in your best interest to get this coverage to protect yourself financially.

How Much Homeowner’s Insurance Do I Need?
It really depends on your specific needs. A standard cash value policy may be enough because it covers a sizable portion of the cost. However, if you have a trampoline or a pool, you may want to add an umbrella policy to your liability coverage. What coverage you need really depends on your situation. We’ll sit down with you and explain the options to help you choose what’s best for you.

Which 6 Categories Does Homeowner’s Insurance Typically Cover?

  1. Dwelling (your home)
  2. Other structures on your property (such as a shed)
  3. Personal property (your belongings, such as furniture and clothes)
  4. Loss of use (temporary housing while your home is being repaired or rebuilt)
  5. Liability (accidental injury or damage to others)
  6. Medical Payments (for minor medical injuries that occur on your property)


Get Your Customized Home Insurance Policy

Get Your Customized Home Insurance Policy

While most homeowners have a home insurance policy, they’re not all created equal. High net-worth individuals probably carry extra liability coverage. You may prefer to keep premiums low and opt for cash instead of replacement value for your dwelling and your belongings. It’s up to you how to structure your policy. We’re here to create a solution that works for you. Call us today to get started.

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