If you’re new to the world of homeowners insurance, you’ll most likely want to know what is included with basic coverage and specifically what this insurance covers. Basic home insurance policies usually cover the building your live in, the belongings in your home, liability for injury or damage you or your family cause to others, and additional living expenses.
Cover for the structure of your home is the amount that allows you to rebuild your home in the event that it is destroyed or damaged by certain events. Not all events are included in basic coverage – it’s likely you’ll need additional policies if you wish to cover yourself for earthquake and flood insurance.
Liability is coverage protects you and family members in the home from any lawsuits that result from injury or property damage to others for which you become legally obligated to pay. Examples might include your dog biting a visitor or a pedestrian outside your home, or your children hitting a baseball through your neighbor’s family room window and into their big screen television.
If your home is damaged by fire and needs to be rebuilt, additional living expense insurance covers some of the costs of your family residing elsewhere while the home is repaired or rebuilt.
It’s important to ensure you have an adequate level of insurance for you home and personal possessions. If you have particularly valuable items, basic homeowner insurance may not be sufficient to cover them. This is particularly the case with expensive items of jewelry or valuable works of art.
For help insuring your home and possessions at a competitive price, speak with one of our licensed insurance agents.