For most of us, our home is the largest purchase we will ever make in life. With everything that can go wrong between now and the rest of your life, it’s important to protect that asset. People tend to complain about their insurance. This is natural and expected; it’s another bill. For the fun of it, let’s take a quick minute to talk about some of the great benefits of having homeowners insurance. After all, it’s there to help you when you need help.
Home insurance covers more than just your house
You may not realize it, but home insurance covers a whole lot more than just your house itself. Of course it covers the expected, like most storm damage or a tree falling on your house. But did you know that an attached garage, or wrap around porch is also generally considered part of your dwelling? That means that any structure physically attached to your house is covered under the most comprehensive facet of your homeowners insurance policy: dwelling coverage. Most homeowners policies cover built-in appliances as a part of dwelling coverage. So any unforeseen damages that occur to appliances like a furnace or a water heater, are often covered as long as negligence isn’t the cause of the damage.
Home insurance covers personal property
When home insurance policies mention personal property coverage, they’re referring to your personal property. Things like your couches, your clothing, your gaming console, and other appliances that aren’t built into your home like an oven. The best part is, most policies cover these items not only when they are at home, but anywhere in the world. So, if your skateboard is stolen in the subway, chances are it is covered minus your deductible.
Home insurance includes personal liability and medical liability
The last thing you want is to be on the financial hook for someone who became injured on your property, or because of your property. Personal liability coverage included in your homeowners policy usually covers things like dog bites and other calamities. In most cases, negligence is not a determining factor here. If a visitor to your home breaks their ankle on the floorboard you’ve put off repairing, you will usually still be covered.
Home insurance can pay for your housing while you wait for the damage to be repaired
If a worst-case scenario happens and your home is severely damaged in a fire, for instance, your home insurance policy will cover your housing costs while you wait for your home to be repaired. This means that the cost of renting a home similar in value to yours will be handled by your insurance company. Nobody deserves to go without a roof because theirs burnt down.
Do you have the right home insurance?
Does your current insurance cover all your needs? Chances are, it doesn’t. As your insurance advisors, we will closely work with you to determine the risks your home faces and customize your coverage to fit your specific individual needs. Because whether you live in a one-story house or a mansion, it’s the place you call home. And your home deserves to be covered with insurance that’s more than the bare minimum and not only meets your needs, but exceeds them.