Homeowners Insurance

Homeowners insurance provides coverage for a range of risks that you may face as a homeowner that otherwise can be financially challenging to cover out of pocket. These include:

• Property damage - This includes damage and destruction to your residence and/or detached structures. You will receive compensation, up to the limits of your policy, if your house or storage shed is damaged due to a covered hazard. Standard covered circumstances include things like hurricanes and vandalism, but other hazards such as earthquakes and floods are excluded. Be sure to check your homeowners policy for exclusions.
• Personal liability - If you, your family member, or even your pet causes an accident, injury or property damage, your homeowners insurance can protect you. Whether the issue requires medical care or repair of property, you will typically have coverage up to your liability limits. There are exclusions, such as aggressive acts against a neighbor, so it is important to fully understand your liability coverage. Be sure to talk with an agent about how to choose adequate policy limits that protect your finances in the event of a lawsuit.
• Added living costs - If your house is uninhabitable, your homeowners insurance can pay for alternative living arrangements while your home is repaired or rebuilt. Depending upon your homeowners insurance company and the specifics of your policy, this may be included or may be an optional coverage. You will typically have daily and total overall limits for this coverage.

Your state may or may not require homeowners insurance, but your mortgage lender typically will require coverage in order to provide a home loan. Even if you own your home outright and you are not required to buy homeowners insurance, it’s still a good idea to protect your investment with an insurance policy.

That way you can get the financial compensation you need to repair or rebuild after a loss. Not only that, but your home coverage can help to protect you financially in the event of a liability claim that leads to a lawsuit.

Homeowners insurance is important for a variety of reasons:

• If you’re insured, any significant repairs or rebuilding after a disaster can potentially be covered by your insurance policy, up to your set limits.
• If you owe money on your mortgage and your home is completely destroyed, you will still be required to pay your home loan, unless you have adequate homeowners insurance. Homeowners insurance can help pay for the rebuilding cost. If you insure your house at full replacement cost value, you will have the means to fully rebuild, if needed.
• Liability coverage is arguably the most important aspect of homeowners insurance. If something happens to a visitor on your property, your liability coverage can cover that person’s medical costs, well as your legal fees if you are sued. Lawsuits are expensive and hiring a lawyer can cost thousands of dollars. If you’re found responsible, you could be ordered to pay large sums of money in a personal injury suit, a cost that can be offset by your liability coverage.

Yes, you can adjust your coverage. Are you planning on tackling a home remodeling project, like a newly furnished basement or an upgrade to your bathroom? Your home’s value and the cost to rebuild it will probably go up and you’ll want to make sure you get additional coverage to match your home’s new value. Even the purchase of something valuable, like a home theater, is a good time to contact your agent.

The value of your personal property can add up quickly! So creating a home inventory list is one of the smartest things you can do to ensure you’re properly covered. A home inventory will help you and your agent determine how much coverage you actually need. And we have the tools to help!

Did you come home to find your living room or basement flooded with water? We don’t wish that kind of stress on anyone, but thankfully, if you do face water damage caused by internal plumbing issues or a burst pipe, we’ll do what we can to help you get things back in order. The dwelling protection on your homeowners insurance policy may help cover repairs, and your personal property coverage can help pay to repair or replace belongings (e.g. furniture, electronics, clothes) that were ruined from the water.

It’s important to keep in mind that, while we will protect you from accidents that aren’t in your control, we won’t provide protection for long term maintenance or neglect. For example, if your pipe has a long-term leak due to lack of maintenance on your end, you’ll be accountable for paying for damages.

Yep! If your home is unfit for habitation due to a covered loss, we want to help you maintain the same standard of living. That’s why your homeowners insurance can help pay for additional living expenses — such as food and a hotel — while repairs are being made. You’ll also hear this type of coverage called loss of use.