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What is home insurance?
Home insurance is a type of property insurance coverage that provides financial protection to both the insured’s dwelling, as well as assets that are in the home. A policy can also provide liability coverage that pays some or all of the cost of accidents that take place in the home and / or on the property.
What does it cover?
Depending on the actual policy, homeowners provides coverage for the dwelling itself, as well as personal property, other structures on the property (such as a shed or garage), and liability for accidents either in or adjacent to the home.
Cost of homeowners insurance
There are several criteria that are considered when determining the cost of homeowners insurance. These can include the following:
- Amount of coverage
- Crime rate in the neighborhood
- Fire safeguards
- Age of the house
- Materials used to build the house
- Condition of the house
- Prior claims
- Credit score of the homeowners
- Amount of the deductible (a higher deductible will typically equate to a lower premium cost)
Do I have to have home insurance?
While most states do not require that you have homeowners insurance, if you have a mortgage on your property, it is likely that the lender or mortgage company will make this type of coverage mandatory.
That is because a home owner’s policy can protect the lender’s investment in case the home becomes damaged. Generally, a lender will want you to carry enough home insurance to cover the amount of the loan.
Reasons to buy home insurance
There are numerous reasons why purchasing home insurance is smart. One reason is because this coverage can protect you from losses that are caused by natural disasters and / or theft. In addition, a home policy can also cover damage to people and property if an accident occurs in your home, or even on your property.
This liability coverage element can pay for a variety of items, including legal fees, medical expenses, and / or material damage.
What home insurance won’t cover*
Although homeowners insurance can offer a wide range of financial protection with regard to your dwelling and its contents, there are still some areas where you may not be covered, even if you have a policy. These can include the following:
- Ground Movement – With very few exceptions, landslides, sinkholes, and earthquakes are not covered in a basic home insurance plan. If you want to purchase coverage for these types of disasters, though, you may be able to obtain a separate plan.
- Flood – While many homeowners policies will cover water damage that is due to burst pipes, flooding that is the result of heavy rain or a river overflowing will generally require you to purchase a flood insurance plan.
- Mold – Here, too, there are some homeowners plans that may provide coverage for mold that is caused by a sudden leak in your home’s pipes. However, if your property sustains damage from mold that is caused by poor maintenance or longer term leaks, then you may be out of luck.
- Normal Wear and Tear – If a sudden or accidental issue causes damage to your home, then it may be covered by homeowners insurance. But if your home incurs breakage or damage that is due to normal wear and tear, then home insurance is not likely to cover such items.
There are other items, too, that are not typically covered under normal home policies, such as:
- Nuclear accidents
- Infestations (such as mice or termites)
- Government actions (such as the condemnation of the property)
- Wind damage is states that are more prone to hurricanes (like Florida and Texas)
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As an independent insurance brokerage, we will help you to narrow down the coverage and the insurance carrier – as well as the premium – that works the best for you and your specific needs. To get started, just now.