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Homeowners Insurance

Homeowners Insurance Policies

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What to know about home insurance

Owning a home is a dream for many people, but if something goes wrong and that home. is damaged or destroyed, it can become a nightmare. That's why anyone who owns a home should make sure that it is insured.


What is it?

Home insurance is a type of property and casualty insurance that has two main components. The main component of such insurance is protection of the home and its contents against certain natural disasters, such as wind, fire or hail. A secondary component of the insurance is personable liability coverage to protect against things such as injuries to visitors to the property.


Who is it for?

Homeowners insurance is for anyone who owns a home and lives in it as a full-time residence. Anyone with a mortgage is required by their lender to have a homeowners policy, but even those who own their home free and clear should carry insurance.


How does it work?

Insurance for your home works much like other types of insurance.. If you experience what you believe is a covered event, such as a fire, you must contact your insurance company or agent to start a claim. After the insurance company validates the claim, it will move forward with paying your claim or reimbursing you in the manner specified in the policy, minus any deductible you owe.


Types of coverage

Homeowners policies are fairly standard, although there can be some differences in what the policies cover and what they pay for. Most policies cover wind, hail and fire damage while excluding earthquake and flooding damage. Policies also may cover actual value or replacement value for the home itself and personal property. Many policies offer riders and endorsements to cover things that may otherwise not be covered in the policy, such as a detached shed.


Major benefits

The main benefit of having home insurance is the coverage you get for your physical structure as well as your personal property. A secondary benefit is the personal liability coverage that your homeowners policy offers.

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