Since your house is one of your most significant investments, wanting to protect both its structure and contents is natural. Home insurance provides that protection as well as peace of mind. Here, get answers to common questions about home insurance to determine what’s right for your property.
Commonly Asked Questions Regarding Home Insurance
What Does it Typically Include?
Most home insurance policies cover structural damage due to vandalism, thievery, and the weather. Policies also provide coverage for items within your home, including furniture, electronics, and appliances, as well as liability insurance in the event of injuries sustained by those visiting or working on your property. Other coverage includes unattached property structures such as garages and sheds, and supplemental housing if your home becomes uninhabitable for any reason.
What Doesn’t it Cover?
While home insurance covers environmental damages from storms, fire, hail, smoke, trees, and lightning, flooding and earthquake insurance generally require separate policies. Carriers usually suggest earthquake and flood insurance for clients who live in vulnerable areas, with some mortgage lenders requiring flood coverage for homeowners residing in floodplains. Homeowners insurance also limits coverage for items such as jewelry, furs, firearms, and silver, such as replacements due to theft and vandalism.
How Do I Calculate Coverage For My Home?
The amount of coverage you need depends on how much it would cost to replace your entire home and everything in it. Keep the actual cash value of your home and contents versus the replacement cost in mind when you do your calculations, and consider making an inventory of your assets to come up with the right number. Your insurance agent will also help you determine the coverage amount.
Do I Have to Insure My House?
While home insurance is not a legal requirement, unlike auto insurance, it is still worth it to protect your home and possessions against a wide range of disasters, and personal liability claims such as slip and fall accidents. If an incident occurs, such as a disastrous storm, a break-in, or a fire, paying to repair and replace everything out of pocket could leave you in dire financial straits, as opposed to having your provider take care of everything. Additionally, mortgage lenders regularly list home insurance as a prerequisite for approval.
Discuss your home insurance needs with Tim Bryan Insurance to purchase exactly what your property requires. He has assisted residents throughout Covington and Crenshaw Counties in Alabama since 1985, providing business, life, auto, and home insurance. Call (334) 222-1460 today to get started.