Owning a home means facing expensive bills, which are inevitable. Your homeowner insurance can serve as a safety net if your house suffers obvious losses like fire or theft, but it can also assist you in managing the costs of other unforeseen events.
To assist you to manage your risk both inside and outside of your four walls, a good homeowner's policy should provide coverage for these five categories. We can assist if your current policy is inadequate.
Full Replacement Cost Coverage
Your home serves as both a place for you to live and a place for your children to grow up, in addition to being that significant investment we've talked about. Because of this, homeowners' insurance policies must cover the cost of replacing your home. This clause ensures that, regardless of whether the cost exceeds your limits, the insurance provider will cover the FULL replacement of your home.
Many businesses place a cap on how much they will pay in an emergency, leaving you to make up the difference. Your employer shouldn't force you to accept a lower standard of service or repairs that are only partially performed. Make sure this essential element is there before purchasing your policy.
Additional Living Expense
If you are unable to live in your house due to fire, smoke, or other damage covered by your policy, a typical homeowner's policy should pay the expense of living somewhere, such as a hotel room or rental, while your home is being restored.
A standard homeowners insurance policy includes liability coverage in the event that someone who does not live with you gets hurt on your property. Assume a visitor trips on your cracked porch step. If you are found to be at fault, bodily injury liability coverage may assist pay for your legal fees or the visitor's medical bills. A personal umbrella policy may allow you to enhance your liability coverage limits. Your representative can explain the various possibilities open to you.
Water Damage Coverage
Did a refrigerator leak cause expensive wood floor damage? Your insurance should cover water damage from refrigerators, water heaters, other home appliances, and plumbing if the leak is unexpected and accidental and not the result of an unattended maintenance issue. Keep in mind that homeowner's insurance does not cover flood damage; instead, talk to your insurance broker about this topic.
Other Coverage to Consider
- Personal Umbrella
- Identity Theft