What is Homeowners Insurance and What Does It Cover?
Posted by Preferred Insurance Agency on
Homeowners insurance is coverage you pay for to protect your home and everything you own inside of it. Here you can learn about what homeowners insurance is and what it protects.
What is Homeowners Insurance?
Coverage for your home and your belongings is homeowners insurance. Homeowners insurance protects you from unfortunate incidents like theft or fire. Your home insurance policy may also include coverage for things like people being injured on your property or if you accidentally damage another person’s property as well.
How Much Does Homeowners Insurance Cost?
The amount you spend on homeowners insurance will depend on numerous factors like the features of your home, how much your personal belongings are worth, whether or not you select additional coverage, and the types of coverages you select.
Our agents can help you determine the right coverage for your home, so you are protected, while at the same time saving money.
What Exactly Does Homeowners Insurance Cover?
Generally, homeowners insurance coverage will include protection for:
Any additional structures on the property
Your personal belongings
Liability coverage for damage to someone else’s property and personal injury on your property
Homeowners are also able to purchase add-on coverage for more protection. While your typical insurance policy may include protection for damage caused by lightning, fire, hail damage, and wind damage, not all insurance policies cover all weather related and natural disaster related damage. Make sure to check with your insurance company to make sure you are fully protected, as often damage caused by flooding or earthquakes may not be included as part of your standard policy.
Basic homeowners insurance will include dwelling protection which protects the structure of your home. Dwelling protection may also include coverage for structures attached to the house like garages and decks against damage.
Most insurance policies include coverage for what is known as “other structures” as well. This coverage would protect structures like garages not attached to the house, fencing, or sheds.
Personal property protection should be included as part of your homeowners insurance policy. Personal property coverage would protect all of the personal belongings you have inside of the home. So, if all of your furniture was destroyed by fire, or if you had expensive electronics stolen from inside the home, this would be covered by your policy. You may also extend coverage to include more expensive valuables not covered by the limits of your standard policy.
Liability coverage is typically included in your homeowners insurance policy and will protect you from in circumstances in which someone not living at the home is injured. Imagine if you had a guest over and the railing on your deck broke, and the guest was injured, liability coverage would help to pay for legal expenses and medical bills of the injured guest if you were at fault.
Discuss with your insurance agent and see what level of liability coverage is right for you.
Limits and Deductibles
It is important that when you are shopping for homeowners insurance that you understand coverage limits and deductibles. Coverage limits would be the maximum amount of money that would be paid out in case of a covered loss. Coverage limits will be based on what you need and the value of the items covered. You will want to take into account the cost related to repairing or replacing a damaged home and the personal property within it.
A homeowners insurance policy may serve to protect you in the case of unexpected and unfortunate events. One of our insurance agents can discuss your options to get you the coverage you need while at the same time save you money. Contact us today to get started!
Preferred Insurance Agency is a La Crosse based home insurance broker with over 100 FIVE STAR REVIEWS. Call or Contact us today and we will help demystify homeowners insurance and help you find the plan that will offer all of the protection you need in case of disaster.
Preferred Insurance Agency 401 King St La Crosse, Wisconsin 54601 Phone: (608) 881-6566