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Homeowners Insurance

Your home may be one of your most valuable assets, and it also is the place where a large portion of your daily life takes place. You rely on your home for shelter and protection from the elements, and you understandably want to keep it well-maintained. However, accidents and mishaps can and do happen from time to time, and these can result in costly home repairs. In some cases, liability, personal injury and the loss of some or all of the valuable items inside the home may also result. Homeowners insurance is available to help you reduce the financial impact of these types of losses.

There are multiple components of home insurance available, such as liability coverage and personal contents coverage. Liability coverage will pay for your expenses if you are sued or have other liability issues. For example, if someone is injured on your property, you may be responsible for their medical bills, lost wages if they were unable to go to work and other related expenses. You may also be required to pay court costs and other legal fees. Liability coverage on your home insurance policy will pay for these expenses up to the coverage limit, and you will be required to pay for any additional expenses not covered by the policy.

Some components of the policy will pay for damages to the house, such as after a fire, a flood, a windstorm event or another type of event. Some will also pay for losses related to theft or vandalism, and this may include property contents as well as property repairs. Some may have an additional component on it that will pay for a rental property or hotel while your house is being repaired if the damage is so severe that the space is not habitable.

When you have a homeowners insurance policy, you will pay an annual premium on the policy as a fee for having it in effect. If you need to file a claim, you will pay the deductible, and the insurance will pay for the rest of the expenses up to the limits of the policy. The deductible amount may be adjusted within reason so that the premium is more affordable. If you have a mortgage in place, contact your lender to obtain their insurance requirements before buying a policy.