As a first-time homeowner, it can be difficult to learn all you need to about home insurance. Finding an insurer that can explain the essentials and help you choose the right coverage for your new home makes the process much easier. They’ll be able to expand on the following facts in more detail. 

4 Facts You Should Know about Home Insurance

1. What It Covers

A standard home insurance policy pays for damage to your home and possessions from fire, theft, or vandalism. It also protects your belongings if they are with you outside of the house. For example, if your laptop is stolen out of a car, a home insurance policy will likely cover the cost. This type of insurance provides liability coverage if anyone is hurt on your property and files a lawsuit, shielding you from expensive legal costs.

2. What It Does Not Cover

Home insurance typically does not cover earthquakes and landslides, power failure, and defective maintenance. It also excludes water damage resulting from backed-up sewers or ground flooding. If your home is in a high-risk area, tornadoes and hurricane damage may not be covered. Ask your agent about all the exclusions for your home insurance policy.

3. How to Reduce Premiums

Insurance companies determine your premium based on how risky your home is to insure. You can lower your costs by reducing your liability risk. Having a smoke detector and a burglar alarm make your home safer and can lower your premium. If you have a pool, reduce your rate by installing a fence and a pool cover to lessen the chance you’ll need to file a claim.

4. When to File a Claim

When you purchase a home insurance policy, you should ask how long you have to report a claim. Many insurers have a 14-day window for reporting a problem but this time period varies based on the company. This information is important to know because if you wait too long, you may lose your eligibility for benefits.

The team at Accredited Insurance Group in Omaha, NE, partners with many insurance companies to offer you a variety of affordable coverage options. Give them a call at (402) 334-1780 to discuss your home insurance needs with a friendly agent. You can also visit them online to receive a no-obligation insurance quote.