Homeowners Insurance: What You Need to Know

Whether you’re currently a homeowner or hope to be one someday, homeowners insurance should be on your radar. Unfortunately, many people don’t know the ins and outs of homeowners insurance, let alone the basics. But that’s where we come in…here’s everything you should know!

What Is Homeowners Insurance?

Simply put: Homeowners insurance is insurance made up of coverages that help pay to repair or replace your home and/or your belongings if they are damaged by things such as fires, storms, theft, etc.

What Does Homeowners Insurance Cover?

The million-dollar question! We can’t speak for every insurance agency or policy, but standard policies typically cover the repair and replacement of a home and its contents in the event of damage resulting from fire, smoke, theft, vandalism, or a weather event such as lighting, wind, or hail. This includes heating and cooling systems, kitchen appliances, furniture, clothing, and other possessions. Coverage for outbuildings such as garages, barns, sheds, grills, and swimming pools may also be covered.

You may require alternative living while repairs are being made; these expenses are also typically covered, alleviating a lot of financial stress during an otherwise extremely stressful time.

How Much Does Homeowners Insurance Cost?

The cost of homeowners insurance depends on a couple of factors:

  • The features of your home
  • The value of your personal belongings

The best way to find just the right insurance for you is to shop around, talk to agents, let them know a little bit about you and what you’re looking for, then choose the one that’s best for you.

Things You Should Know

Not all natural disasters are covered by homeowners insurance – especially if you live in an area prone to certain disasters (for example, flood insurance is typically separate from regular homeowners insurance). This is when shopping for the right insurance and having a list of questions to ask agents is especially important.

While homeowners insurance can cover certain repairs, claims can be denied if you haven’t been performing routine maintenance on them. For example, if you’ve had a leaky faucet for a while, then one day you come home to a flooded bathroom, your insurance company can deny that claim.

While you may think that insurance on older homes is more affordable, however, these homes are more expensive to insure because they aren’t built to withstand natural disasters and other incidents.

We recommend reassessing your home, possessions, and insurance plan once a year to ensure you have the best insurance for your needs.

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