Things You Need to Know About Home Insurance
When it comes to protecting your home, it’s more than just safeguarding against theft or structural damage. Home insurance necessitates you to think about the bad things that can happen to your home: structural damage from natural occurrences, theft, etc. It can sound pessimistic to think about what might happen, but it’s imperative that you protect yourself against everything life throws your way.
You should feel safe in your home, which is why homeowners insurance is so important. If you’re faced with a disaster, you need to focus on how to reclaim your sense of stability; the furthest thing on your mind should be money. Some of the top things you need to know about home insurance are the following.
Know your Home Insurance Coverage
Generally, home insurance policies will pay for any damage to your possessions and property if you are the victim of vandalism, fire, theft or certain storms. It also provides liability coverage in the case someone gets hurt on your property and you become the victim of a lawsuit. Home insurance also covers shelter costs, so you are spared expensive hotel bills if you are displaced from your home for a period of time.
Home insurance also protects your belongings outside of your home. For example, if something is stolen from your car, this would not be covered by car insurance, but it would be covered by home insurance. Generally, policies cover your belongings when you take them with you while traveling. If you have a business trip and your expensive laptop is lost by the airline, contact your home insurance agent after filing the claim with the airline. In most cases, you will receive some compensation.
Know What Your Home Insurance Doesn’t Cover
Standard home insurance policies exclude power failures, earth movements such as earthquakes, landslides, and sinkholes, nuclear hazards, war, governmental actions, bad workmanship or repair, faulty zoning, and flooding or poor maintenance. Home insurance policies usually cover windstorms, although coverage of hurricanes or tornadoes may be excluded in some high-risk areas.
Water damage can be more complicated. Usually, water that falls from above, such as burst pipes and flooding is typically covered, but the water that flows from below, such as ground flooding or a backed-up sewer, usually isn’t. If you live in a high-risk area for earthquakes and floods, then considering supplemental coverage is important.
Shopping Around for Home Insurance is Essential
Before you commit to a policy, take some time and research a trustworthy agent. An excellent source of feedback is a personal recommendation or good online reviews. If you need to file a claim, the process may be draining when dealing with someone you don’t trust, or that wants to withhold or deny your claim for arbitrary reasons. A trustworthy agent and home insurance company may mean the difference between receiving your money or not, and the amount of hassle that it will take.
It’s important that you not just shop for a policy; you need to ensure that you are selecting the best agent for your needs.