What is Homeowners insurance?

Homeowners insurance provides financial protection against disasters.

Homeowners insurance is a package policy:

 

  • Damage to your property

  • Coverage liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.


Damage caused by most disasters is covered but there are exceptions:

 

  • floods

  • earthquakes

  • poor maintenance

 

You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Why do you need Homeowners insurance?

Homeowner insurance is to protect your financial stability and the chances are your home is likely one of your largest investments.

Possible coverages:

  • If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.

  • If a guest in your home is injured, liability protection and medical coverage help pay expenses.

  • If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.

  • If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance.

 

Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.

Things to consider and questions to ask your agent

 Here are a few things to discuss with your agent that will influence your decisions 

  • How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed?

  • Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?

  • What discounts are available?​ What's the process for filing and settling a claim?  

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