Because everyone's needs are not the
same, it is best to consult your
agent to help assess your needs and find
the insurance policy that is right for
you.
What is Homeowners insurance?
Homeowners insurance provides financial
protection against disasters. A standard
policy insures the home itself and the
things you keep in it.
Homeowners insurance is a package
policy. This means that it covers both
damage to your property and your
liability or legal responsibility for
any injuries and property damage you or
members of your family cause to other
people. This includes damage caused by
household pets.
Damage caused by most disasters is
covered but there are exceptions. The
most significant are damage caused by
floods, earthquakes and 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?
It is really all about protecting
yourself financially if something
unexpected happens to your home or
possessions. That's important because
chances are your home is likely one of
your largest investments.
-
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 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? (Ask your agent to talk
you through your home's features and
the things you own so you can make
an informed decision about
coverage.)
-
Does the insurance
company have a good reputation for
customer service? Is it known for
paying claims fairly and promptly?
-
What discounts are
available? (Ask about multiple
policy, security system and fire
resistance discounts.)
-
What's the process
for filing and settling a claim?
(Ask who to call and what happens
after you file a claim.)
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