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Owning a family home is the dream. Protecting all that is important in your home is the function of homeowner’s insurance (also called hazard insurance). Not only can homeowner’s insurance cover your building and grounds, but it also can cover the possessions in your house, and accidents that may happen in your home, or on your property. Home Insurance is a safety tip for every one.
Homeowner’s Insurance Basics:
Homeowner’s insurance policy benefits can cover your home. Insurance is the one of ways to increase your home’s value.
Homeowner’s insurance covers you in the event that you incur the loss of your home, contents, or personal possessions within the structure. The policy can also cover you with liability insurance – meaning that you could be covered for accidents that occur in your home or on your property.
Important to note that the Liability insurance on your home also covers you for Bodily injury or property damage you are responsible for in your personal pursuits anywhere in the world. Without some form of homeowners insurance I.E. renters insurance condo insurance, etc, you mostly will not have any personal liability insurance.
Many times, your homeowner’s insurance policy is paid by the owner as part of the monthly mortgage payment. The mortgage company accepts the payment, keeps it in escrow, and pays the premium to the insurance company annually on the anniversary of your insurance policy.
Homeowner’s Insurance Policy Types
There are several types of homeowner’s insurance policies that can be written. These policies cover everything from Basic policies (HO1), to a Special Form (HO5) policy for homes that are in areas prone to situations such as floods or earthquakes; you can buy flood insurance and or earthquake endorsement. If you live an older home, where replacing your home may cost more than market value, there is even a special policy type for that situation.
Homeowner’s Insurance Coverage Types
For each homeowner’s insurance policy, you can select the type of coverage you need. These are based on the dwelling itself, personal property in your home, other structures, liability and costs associated with the loss of the use of your home/additional living expenses that may occur.
How should I proceed?
To protect yourself with the proper coverage, you must purchase a homeowner’s insurance policy through a licensed insurance agent.
Your agent will ask you basic questions about your house and property. From this information, the agent will be able to present several coverage options for you to consider.
Your homeowner’s insurance coverage is important for you to understand how it relates to your living arrangements and your risk tolerance. Certain types of insurance coverage that you feel is important may not necessarily be as important for another person to include.
Licensed insurance agents that have been working in the industry for long periods of time have had the chance to work with many customers in many claim scenarios. You will benefit from these life examples by working with an experienced agent.
Your agent will also be able to tell you if other insurance policies you have (automotive, rental, business, life, health) may help in reducing your homeowner’s insurance premiums.
Contact Us Today
Contact us today at (314-744-9292). We have decades of experience in handling all aspects of homeowner’s insurance. From quotes to claims, our team will make sure:
- your homeowner’s insurance needs are met,
- you understand your coverage,
- you have our contact information if and when you need us
We help people by being there before bad things happen through appropriate insurance coverage.
Thanks
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