Introduction
For many their home is not only their sanctuary, it’s also the most significant investment they will ever make. It’s not only practical to secure home insurance to protect your home and belongings, it’s also most likely a requirement to secure a mortgage. Many homeowners aren’t exactly sure what homeowners insurance is exactly and why it’s so important. In this article we’ll dive in and educate you on the basics of homeowners insurance.
What is Homeowners Insurance?
Homeowners insurance is insurance coverage that will protect you from damages and losses to your property and the assets in the home. Homeowners insurance can provide you with financial support in case of unforeseen accidents or occurrences like fires or theft, and can offer liability coverage to protect against accidents that happen in the home and on the property.
Why is Homeowners Insurance Important?
A home is more than just four walls and a roof, it’s a part of who you are, a place where memories are made and the epicenter of your life. Without homeowners insurance, damage caused by fire, disaster, or theft could lead to significant financial strain or even complete ruin. However, rest assured, chances are you are required to have home insurance coverage as part of your mortgage, and an expert home insurance agent like you will find at Joseph Hoell Insurance Agency will help guide you every step of the way.
Common Types of Coverage
When it comes to your standard homeowners insurance policy, you will usually find four types of coverage:
- Dwelling coverage: This covers the cost of repairing or rebuilding your home if it’s damaged or destroyed by a covered event like a fire, hurricane, or other natural disasters.
- Personal property coverage: This coverage pays for the replacement of your belongings (e.g., furniture, clothing, electronics) if they’re stolen or destroyed by a covered disaster.
- Liability coverage: If someone is injured on your property and you’re found legally responsible, this can help pay for their medical bills or legal expenses.
- Additional living expenses (ALE) coverage: If you’re unable to live in your home due to damage from a covered event, ALE can help pay for extra costs like hotel bills and meals.
Conclusion
Understanding your homeowners insurance coverage is crucial to ensuring adequate coverage as well as making sure you aren’t paying for coverage you don’t need. Contact us at Hoell Insurance today, and we’ll navigate your home insurance together step-by-step. And with insurance quotes from 12 different companies, we’ll also get you the best possible price.
