You will be responsible for repairing your house if it is damaged from flood, fire or a natural disaster. Home insurance may be able to restore your personal belongings or help you if you are responsible for damage to another person’s property or an injury sustained on your property. Additionally, you could also receive coverage to cover court fees, food and shelter if you have to exit you home. Discussing options with an insurance agent can help you choose which kind of insurance is going to be most effective.
Choosing to buy a house is a huge emotional and financial investment and it is important to protect that investment. Buying home insurance can be a great asset to ensure that you are covered in the scenario that your home is destroyed or damaged.
From more comprehensive policies to simple liability coverage, home insurance can vary in the coverage for the home’s structure and personal property in your home. What your plan covers depends on the insurance type that you choose. To learn what type of home insurance best suits your needs, talk to an experienced agent from Keats Insurance Agencies today.
Insurance agencies like Keats usually offer the following categories of policies:
An HO-1 homeowner’s insurance policy provides you with basic coverage. It covers harm caused by specific instances, including fire, lightning, windstorms, hail and explosions. These programs also usually cover damage instigated by civil disturbance and volcanic eruptions. Since this policy is very restricted, many states no longer offer it.
This policy safeguards you against 16 types of events, including the resulting destruction from burglary, vandalism or civil tension. It also covers hail damage, windstorm damage and broken glass, along with smoke damage and wreckage caused by a vehicle. If your pipes rupture or your roof caves in, this policy will also cover that.
HO-3 policies cover all possible reasons of damage to your property and possession loss, with the exception of specifically listed events. Exclusions contrast from policy to policy, so read yours conscientiously to understand what is going to be excluded.
Basic vs. Extra Coverage
Simple homeowner’s insurance typically takes care of the money it will cost to restore damaged property, as well as the auxiliary costs if your home is wrecked. It also covers your belongings, but the items inside your house are only covered for up to 40 percent of the home’s insured value. Supplementary coverage will protect you against earthquakes and floods, as well as dealing with the loss of individual property like jewelry, computers and cameras.