Every homeowner needs homeowners insurance. The reason for this is that it guarantees the financial protection of their home and personal belongings.
In this article, we will discuss the basics of the standard homeowners insurance policy and what it covers.
1. What Is Homeowners Insurance?
Homeowners insurance is a policy that protects your home and belongings from damages or losses caused by covered perils, including theft and fire. It may also cover the costs you incur if a guest sustains an injury at your home or you accidentally cause damage to another person's property.
2. How Much Does Homeowners Insurance Cost?
A standard homeowners insurance policy does not have a specific cost. Instead, you can determine how much coverage you want to purchase and at what price. The cost of coverage will depend on several factors, including the features of your home and the value of your personal belongings. You also have to consider the type of insurance coverage you want.
3. What Does Homeowners Insurance Cover?
A typical homeowners insurance covers the following:
- Your home's structure
- Your personal belongings
- Other structures on your property
- Liabilities arising from injuries to guests or damages to someone else's property
A typical homeowners insurance covers a wide range of perils such as fire, theft, lightning strikes, hails, windstorm, etc. However, it does not cover floods and earthquakes. Consequently, you need to purchase special insurance policies to protect your home from these disasters.
This is one of the most important coverages offered by a typical
homeowners insurance policy. It covers the repair or replacement of the damages to your housing structure due to some of the aforementioned perils.
Apart from damages to the structures on your property, the typical homeowners insurance also covers all the personal belongings within your home. These include your clothing, jewelry, and electronics. In short, homeowners insurance offers protection from thefts or damages to your personal items upto a certain limit. You can also buy extended coverage for items such as jewelry, fur, and watches with values above your personal property coverage limits.
- Other structures on your property
Homeowners insurance also covers damages to other structures on your property not attached to your house. For example, a detached garage, fence, and tool shed.
Finally, a
homeowners insurance policy covers you when a guest is injured on your property and sues you for their injuries. It covers your legal expenses as well as the related medical bills of the guest if you are found guilty.
In conclusion,
homeowners insurance is an effective safety net for the unexpected perils your home and personal belongings may face. Therefore, purchase one today if you don't already have it. At
Abatelli Insurance, we can provide you with customized coverage for your homeowners insurance needs. Contact us today to get started!
