A homeowners policy is recommended for everyone who owns a home or condominium, and is required by mortgage lenders. Depending on the property and location, you may require additional policies or coverage to help protect your home and personal belongings against damage due to floods, earthquakes, windstorms or hail.
Most policies have 3 key elements: the premium, which is how much you pay for coverage; deductibles, which are how much you’re responsible for out-of-pocket in the event of a covered claim; and coverage limits, which are the most your insurer will pay for a covered claim.
There are four essential protections provided by your homeowner’s policy:
- Coverage for the structure of your home, including detached structures on the property.
- Coverage for your personal belongings such as furniture and clothing.
- Liability protection, which covers you against lawsuits arising from bodily injury or property damage caused to others.
- Additional living expenses, which will cover expenses such as hotel bills and meals in the event the insurance company deems your home unlivable as a result of a covered claim.
Homeowners insurance provides coverage and protection that we all hope to never need or have to use, but if the unexpected happens, it can help you restore your life back to normal and keep you financially stable.
If you are in the need of an experienced, full time agent, then give me a call to discuss your real estate needs.
Eric Bengel (Real Estate Salesperson)
Howard Hanna Real Estate
Direct Phone: (412) 889-6661