Home insurance is a type of property policy designed to protect you, your home, and its contents. Home insurance is generally considered a package policy as it covers a wide area of your home, including the garage and your pets. The policy provides financial relief in the event of a covered accident like fire, windstorm, or theft. It also pays out if you or any other member of your home is held liable for injuries or property damage. Note that home insurance does not cover water damage caused by floods. If you live in a flood risk area, you may want to buy flood insurance early in advance to protect your home.
What Does It Cover?
Your standard home insurance policy should cover all aspects of your home, like the house structure and its contents. Home insurance basic coverages include:
- Dwelling coverage
- Other structures
- Additional living expenses
- Property damage liability
- Bodily injury liability
- Personal belongings
- Medical payments
Note that you’ll need to buy a separate policy for expensive items like artwork, guns, and jewelry. Additionally, mold infestation and crops are not covered. Also, if you live in a condominium, remember that the condo association or cooperative won’t pay for damage caused inside your unit, even if it results from an incident outside of your control such as a fire or a pipe bursting. Covering the personal property inside your home is your responsibility, no matter what type of home you own.
How Much Coverage Do I Need?
Home insurance premiums vary from one homeowner to another. Variables such as where your home is located, how many people live with you, the size and materials used to construct your home, and other factors determine your premiums.
We can work with you to determine what coverage best fits your needs. We’ll walk you through the process, every step of the way, to make sure your policy provides peace of mind.