Benefits of Homeowners Insurance
Most people never consider the possibility of their home being damaged or destroyed. It’s a terrible thought, but accidents happen all the time. Damage to your home can cost thousands of dollars to repair. That’s why it’s wise to have homeowners insurance. You’ll get help repairing or replacing some items in your home. You’ll also get help repairing damages that happen to the building.
A homeowners policy usually includes liability coverage. As a property owner, you can be held responsible if someone visits your home and is injured on your property. The injured person could sue you for medical expenses, time off of work, and more. With insurance coverage, your insurer will help shoulder some of the costs.
Property coverage is also included with this type of policy. It provides for repair work or a full replacement if your home is damaged by fire, wind, or vandalism. Flood damage and damage from earthquake is likely excluded. Make sure to know exactly what your policy covers. You might have the option to add coverage for floods and earthquakes. Your personal items are covered as well. Personal items are your belongings stored inside the home.
There is some flexibility when it comes to choosing your coverage amount. Just remember that anything your policy doesn’t pay for is your responsibility. Generally, you’ll have a deductible and then the insurance will pay its share. Anything remaining after the insurance pays is all your responsibility.