Your home is your castle and your safe haven. It’s where you feel most comfortable, and where your family surrounds you. You make your memories here and it’s most likely your largest asset. Is your home protected the way it should be? Or are you confused about homeowners insurance and what you need?
Too Much or Too Little?
Homeowners insurance is not one-size-fits-all. The coverage you need depends on the value of your property, the area you live in, what you want to be covered, and so on. Many people are overpaying for coverage they don’t need, while others are lacking coverage in areas they do need. To help you begin to understand how homeowners insurance works and to determine what you need, home insurance can be broken down into several main groups.
Dwelling Coverage: This portion of the home insurance covers your actual house. It deals with repairs or rebuilding because of damages due to natural causes such as lightening, wind, flooding, or hail, or possibly fire. Should your home be unlivable due to damages, your insurance may cover the cost of other living arrangements until repairs or rebuilding is complete.
Separate Structures: This coverage pertains to other buildings on your property that are not attached to your home. This could include a detached garage, shop, barn, shed, etc., and will repair or rebuild these if damaged by causes outlined in the policy.
Personal Property: Not only is your home protected, but your possessions as well. Your policy may cover outright replacement of items or may pay you depreciated value of what is lost.
Liability Protection: If an injury takes place on your property, this portion of your policy protects you and your family from any lawsuits that may be brought against you. Examples of instances that may be covered are if your dog bites a visitor or neighbor, or a delivery worker is injured because of icy stairs or a broken railing.
Medical Payments: If an injury happens in your home, but the injured party does not sue, your policy may cover their medical payments for the injury anyway.
Your homeowners insurance may cover other areas that differ from those listed above. Your policy may include fees for emergency services such as calling the fire department, damage to trees, shrubs, or other landscaping, fencing, and could even protect you from credit card theft or identity theft. Beyond what comes with your policy, there are endorsement options to supplement your insurance coverage. You may own more than one home, and want secondary residence coverage, or more theft protection. Adding extra areas of coverage will increase your premium.
Your home contains the people and things you love most. Make sure your family and your property are protected the way they need to be. To help you customize an insurance policy that fits your needs, Landmark Risk Management and Insurance has the professional, expert information you want. Our insurance team is ready to help you get started today! Contact us to learn more or to schedule your first appointment.