Becoming a homeowner comes with just as much risk as excitement, which is why you need a quality home insurance policy to keep your investment secure. It covers the damaging effects of accidents, natural disasters, and break-ins. Since your property may be the most valuable and expensive asset you own, you want to protect it against potential dangers. Coverage is the only way to prevent significant financial loss from unforeseen circumstances. Here is what you need to know about the security home insurance provides. 

A Beginner’s Guide to Home Insurance 

Standard Policy Inclusions & Exclusions

Basic home insurance policies generally include protection for structure and personal property damage as the result of specific events, such as fire, windstorms, hail, lightning, and vandalism. It also covers losses due to theft and liability lawsuits. In most cases, a standard policy will exclude coverage for floods and earthquakes, as well as faulty maintenance leading to damage. Usually, there are limitations on mold-related situations and certain dog breeds. 

Benefits 

Home insurance will help repair or rebuild a structure that has substantial damages. It will also pay to replace belongings that are damaged or stolen. In the event someone is injured on your property, it will cover their medical bills, any monetary judgments issued by the court, and legal fees. It also ensures you satisfy the obligations of the mortgage contract, as most lenders require coverage as a stipulation of the loan. 

Since there are many different home coverage options, choosing the right policy can be challenging without the guidance of an experienced insurance agent. At Reid Insurance Group, their team is dedicated to offering high-quality products at affordable prices. They understand that home insurance is not one-size-fits-all, and for more than 70 years have been entrusted to help the residents of Lovington, NM, identify their unique coverage needs. Call (575) 396-3645 or visit their website to request a quote.