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WHAT YOU NEED TO KNOW
For most Americans, their home is the biggest investment that they’ll ever make. That’s why it’s absolutely crucial to protect that investment with a good home insurance policy.
Homeowners insurance covers all the major events that you might expect, like fires and serious storm damage. But many are unaware that a typical house insurance policy also covers things like theft of personal possessions, damage from burst or broken pipes as well as personal liability. Additionally, optional home and contents insurance policies can fully insure against damage to things like dishes, furniture, appliances and clothing. Some of those policies will even be adjusted for inflation and tied to the replacement cost of the items rather than their present value.
Can I get away with cheap home insurance or none at all?
While there are bare-bones policies offered by some home insurance companies, almost all financial experts will recommend that you get the best homeowners insurance policy that you can reasonably afford. Statistics show that approximately 1 in 15 insured homeowners make a claim each year. That might not sound like a lot. But consider that if you own a home for 30 years, there is a nearly 90 percent chance that you will experience an insured loss!
Unless you have net worth that is many times the value of your home, not having any homeowner’s insurance is tantamount to financial suicide. However, our agency can give you house insurance quotes that take into account your unique budget, risk tolerance and insurable property.
Will my homeowners insurance cost be higher if I need to cover possessions within my home?
Most homeowners insurance policies come with coverage for personal items. However, some of the limits may be too low for those who have many valuable possessions within their home or on their property. Typically, each category of property, such as clothing or watercraft, will be reimbursed up to the low four figures.
If the standard protection for personal belongings is too low for your needs, our agency can provide you with the most competitive homeowners insurance quotes for policies with enhanced property protection. These policies may cover items such as jewelry well into six-figure amounts, with only slightly higher monthly home insurance quotes.
What things will a basic homeowners policy always cover
While it’s imperative to always read the specifics of any policy that you are considering for purchase, nearly all homeowners policies will cover basic insured events, including losses caused by:
- Fire or lightening.
- Straight-line wind, tornados or hail.
- Gas explosions or leaks.
- Vehicle or aircraft crashes.
- Snow or ice.
- Freezing or malfunctioning of pipes as well as heating or air conditioning components.
- And theft or vandalism.
Our agency can help provide you with in-person, over-the-phone or online home insurance quotes, helping you to select the right policy for your specific circumstances. Contact us by phone or online, or stop by in person today.