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Homeowners Insurance Information
Your home is often one of the most important investments you make. It would be best to take precautions to protect your home from events that may cause a financial burden. With home insurance, you may offset some of the financial obligations when covered, unexpected events occur.
McCune & Reed Insurance agents are here to help you navigate your home insurance needs and find the right policy for you. If you’re ready to start with a homeowners policy, get connected with an agent today.
What Is Home Insurance?
Homeowners insurance is known as a package policy in that it provides both property damage and liability protection. While exact coverage details vary, a home insurance policy typically provides the following coverage:
- Property damage protection: Helps protect against losses related to property damage or theft:
- Dwelling coverage offers protection from damage to the structure of your home, including fixtures, plumbing and heating, due to a covered loss like fire or hail storm damage. It would be best if you had enough coverage for rebuilding or repairing your home, less the cost of the land.
- Detached structures coverage covers other buildings on your property such as fences, carports, gazebos and detached garages.
- Possessions insurance covers your home’s contents and personal items such as furniture, clothing, and sporting goods. It also extends to your personal belongings anywhere in the world.
- Loss of use provides a safety net for additional expenses over and above your everyday living expenses if you cannot live in your home, up to the policy limit.
- Liability coverage: This portion of your policy covers against lawsuits for bodily injury or property damage that you or your family members may cause to other people. It pays for both the cost of litigation and any court awards, up to your policy limit. It covers you whether you are at home or away.
Your McCune & Reed Insurance agent may recommend purchasing additional coverage like a scheduled items rider for valuable items, flood insurance or personal umbrella insurance. Give us a call today to learn more about the coverage that may be recommended for you.
What Does Homeowners Insurance Cover?
Homeowners insurance is a package policy that includes both home protection and liability coverage. Homeowners insurance usually includes these essential coverages:
- Property coverage might pay to repair or rebuild your home if it’s damaged or destroyed by fire, hail, lightning or another covered disaster. Usually, it doesn’t pay for damage caused by floods, earthquakes or routine wear and tear.
- Personal belongings coverage might pay for furniture, clothing, sports equipment and other personal items stolen or destroyed by fire, hurricane or another covered disaster. Jewelry, furs and other expensive items may be covered, but there are usually policy limits. You might need a personal property endorsement or floater to insure these items for their appraised value.
- Liability protection may cover the costs of medical bills and lawsuits for bodily injury or property damage that you or a family member cause. It might also pay for damage caused by pets. Your homeowners insurance might pay your court costs and awards up to your policy’s limit. An additional umbrella or excess liability policy might provide broader coverage, including claims for libel and slander.
Additional living expenses (ALE) might pay your living costs if you need to live elsewhere because of a covered disaster. ALE coverage might pay hotel bills, restaurant meals and other living expenses while your home is repaired.
Is Other Home Protection Available?
Your home might sustain other damages or loss that aren’t covered by your homeowners insurance. Earthquake and flood insurance may be beneficial, especially if you live in an area prone to these events. You might also consider coverage for termite and insect damage, rodents or mold, or if you have expensive belongings or high-risk items, such as a swimming pool or trampoline. We can help you review the types of insurance that offer you the best financial protection.
Is Homeowners Insurance Required?
Homeowners insurance is not required, but your mortgage lender might need it before agreeing to finance your home. Even though it may not be required, having home insurance can help protect you financially against various covered events.
Protect Your Home and Financial Livelihood
McCune & Reed Insurance can work with you to determine the best coverages your home deserves. To get started with a policy, call us today at 641-682-8027.