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When shopping for home insurance, there’s much more to consider than how much your coverage will cost.
You need to buy the right type of policy. You need the proper level of protection, plus special provisions for valuables such as jewelry, your computer equipment and other possessions. You might also need additional coverage for such things as water backup or flooding.
Although not required by law, lending institutions will usually require mortgage customers to purchase homeowners insurance. Don’t rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself for just the loan amount, but not necessarily the full value of your home and possessions. That’s why it’s important to check with your agent or insurance company, to make sure you have adequate coverage.
A Homeowners Policy will protect the following five areas:
- Coverage A- Your Home, the actual structure of the building
- Coverage B- Detached Structures, such as a garage or shed.
- Coverage C- Personal Belongings, including furniture, clothing, appliances and much more.
- Coverage D- Loss of Use, for living expenses like rentals or hotel bills, when the home is damaged and uninhabitable.
- Coverage E- Personal Liability, protects you and your family against a claim or lawsuit if someone is injured or their property is damaged while at your home.
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