When you own a home, you may want to ensure that you are signed up for homeowner's insurance. Most mortgage lenders will require you to carry homeowner's insurance. Even with a fully paid off home, homeowner's insurance is a smart investment to make. It covers so many types of things.
The Structure of Your Home
The first thing that your insurance protects is the actual physical structure of your home. That means the foundation, windows, walls, floor, and roof, as well as any structure that is directly attached to your home, such as a garage or deck. Any damage that isn't stated as excluded in your policy will be covered. If a covered event impacts your dwelling, you will have to pay your deductible, and then your insurance will cover the rest. Your insurance will have your back, and ensure that any damage to your physical dwelling is covered.
Other Structures on Your Property
Most properties have structures other than the primary dwelling on the structure. Other structures are ones that are not directly attached to your home. Common examples include a fence or shed, or a detached patio. Usually, the same types of events are covered for other structures as for your main dwelling. You will have to pay a deductible, and the insurance takes care of the rest. Your coverage is usually limited to a portion of your overall policy.
All Your Personal Property
Your home is more than the physical structure; it is all the things that are inside of your home, from your washer and dryer to your couch and your sneaker collection. All of that stuff inside of your home is considered personal property. Your homeowner's insurance protects these items, even if they are not in your home.
Personal property is slightly different than dwelling and other structure coverage. With personal property, generally only listed covered events, formally referred to as perils, are covered. This list is extensive, but if there is any instance you want coverage for that isn't on the list, you are going to want to get a rider on your policy. Oftentimes, your deductible for personal property is different than your deductible for the dwelling and other structures.
Loss of Use of Home
There are some types of damage that could make it impossible for you to live in your home. For example, if a tree falls on your roof and breaks through into your home, you may need to stay somewhere else until that can be repaired. Or if your home floods, you are going to want to stay out of your home until it is fixed.
With the loss of use coverage, your insurance company will pay for you to live somewhere else while your home is being fixed. Not only that, they will pay for other expenses associated with losing your homes, such as restaurant meals, transportation needs, or laundry services. This allows you to have peace of mind that you will always have somewhere to live.
Your homeowner's insurance is designed to have your back, and provide you with coverage that will give you the peace of mind you need to live comfortably without stress, knowing that if something happens to your home or things, they will be paid for, and if you can't live in your home for some reason, there will be funds to assist you with housing costs while your home is being fixed up.
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