Here’s what you need to know about your homeowners insurance coverage.
For every homeowner, it’s essential to understand the nuts and bolts of their homeowners insurance. It is, after all, designed to protect you, your family, and home from suffering loss or damage.
Almost all mortgage lenders require insurance coverage to protect their investment, and it’s smart to have this kind of protection. While all policies online may seem to look the same, talking to a professional insurance agent can help to assess what coverage, and how much, you’ll need for your home-sweet-home.
As a standard, your homeowners insurance should include these four types of coverage.
The structure of your house.
This part of a policy pays to repair or rebuild a home if it’s damaged or destroyed by fire, hurricane, hail, lightning, or other listed peril in the policy. Most standard policies won’t provide coverage for damage caused by floods or earthquakes. However, these two policies can be purchased separately.
Your personal belongings.
Everything from your dining room table to your favorite sweater to sports equipment should be covered if they’re stolen or destroyed by a disaster. Personal belonging coverage includes items stored off-premises – this means that you’re covered anywhere in the world! Personal items of high value are often excluded from this coverage (such as jewelry, furs, silverware), and they will need a rider to protect their entire worth.
Liability protection.
Liability covers against lawsuits for bodily injury or property damage that policyholders or family members (including the dog) cause to other people. Coverage generally covers the cost of defending you in court and any court awards, up to the limit.
Additional living expenses.
Coverage can pay for the additional costs of living away from home while it is being repaired after a covered disaster. The cause could have been due to a fire, storm, or listed disaster in your policy. The policy can cover anything from the hotel room and restaurant meals while the home is uninhabitable.
Now that you know what home coverage you need, talk to one of the professionals at Aimpro Insurance to secure it! We serve homeowners in Phoenix and neighboring cities in Arizona, so give us a call today.
