Purchasing your first home with your partner is an exciting time since it allows you to decorate, landscape, and make wonderful memories. It also means you should think about property protection, such as homeowners insurance, that provides coverage and compensation for residential damage or theft. Below are several questions about this insurance to help you determine what’s right for your new residence.

Common Questions About Homeowners Insurance

What does it cover?

Standard homeowners insurance typically covers property damage, such as damage from vandalism and storms. It also covers property losses from theft, the cost of living while your home is under repair or being rebuilt, and individual liability coverage if you or your partner accidentally harms neighboring property or people. It also covers damages to additional structures on your property, such as sheds, detached garages, and guest homes.

What is a home inventory, and why do you need one?

A home inventory is an exhaustive list of your home’s contents, including all electronics, jewelry, furniture, lawn equipment, and everything else. Your list must include all items with high monetary value, and you should update it every time you purchase something new. Keep paper and digital copies of the list, and consider adding coverage “help” such as product photos, serial numbers, and receipts.

Is there anything that homeowners insurance doesn’t cover?

Most homeowners insurance plans do not include flood or earthquake coverage or intentional damages and injuries. Review your policy for exclusions and consider adding more coverage depending on your location. If you live on a floodplain, for example, add flood coverage to your policy to protect your home and enjoy peace of mind.

Are any discounts available?

Yes, so do your research to obtain all applicable discounts. Standard discounts include new home construction, electrical upgrades, added fire protection such as sprinklers, masonry, and burglar alarms. You may also want to consider discount bundles, such as those for home and auto insurance coverage.

If you need homeowners insurance, make an appointment at State Farm-Brett McSparron Insurance Agency. Serving the Apple Valley, MN, this insurance company offers home, auto, liability, health, and life insurance, among others. Call (952) 431-1300 today to get started. Like his Facebook page for insurance tips that keep your rates low.