Are you wondering what type of home insurance is right for you? When you invest in a home, most mortgage lenders will require that you get insurance coverage. From the essential coverages to the optional ones, it’s critical to know what you’re signing up for.
Read on to find out more in our home insurance guide!
Look into Liability Coverage
What if someone in your home endures an injury? If an injury occurs on your property, liability coverage comes in handy. If you’re legally accountable for an injury sustained when a guest falls down your stairs, you’ll have help covering the costs.
As with any insurance plan, make sure you know what the coverage amounts are. And know what is not covered. With liability insurance coverage, you may not be covered for intentional injuries or those caused by a car accident.
Dwelling Coverage is a Staple in Any Insurance Guide
You can expect to find dwelling coverage in a home insurance policy. After all, it’s the home that the policy primarily protects. Dwelling coverage means that the physical structure of your home is covered. What exactly that coverage includes may depend on where you live.
Typically, this insurance coverage protects your home from fire, lightning, or windstorm damage. It will cover damage from vandalism or heavy snow, too. And it should cover issues like theft or vehicle accidents.
Understand What Contents Coverage Is
With contents coverage, you can protect specific items in your home. Furniture, clothing, or other objects may be covered. You’ll receive a replacement cost value as determined in your policy.
Contents coverage kicks in if you experience a fire or theft. For instance, if a thief breaks in and takes your television or computer, you can receive financial help to cover the loss. Read about home insurance plans to discover what’s right for you.
Consider Optional Home Insurance Coverages
There may be some optional coverage policies that you’ll want to add to your standard policy. For instance, you may live in an earthquake or flood zone. In those instances, tacking on an extra policy makes a lot of sense.
Putting in place coverage for sewer back-ups makes a lot of sense, too. If you come home to a basement covered in sewage water, you’ll have to deal with the headache — and cost — of cleaning and disinfecting it. This common issue can be a source of tremendous stress, so may want extra coverage.
Additionally, look into ID theft coverage. A criminal could use your personal information to make expensive purchases on your dime. Many ID theft coverages can cover around $25,000, depending on the policy, to help with losses.
Find the Right Insurance Coverage
When you consult a home insurance guide, it’s wise to review the options before signing home insurance forms. You need to know your limits and deductibles, as well as the details of what is covered. You may benefit from adding additional coverages depending on where you live.
For more tips and guides to make your home safe and secure, check back for new articles.
