4 Insurance Coverage Must-Haves for First-Time Homeowners

​When you purchase a house for the first time, you have the option to get a home insurance policy for it. Some people often ignore getting one because of its costs. However, getting a home insurance policy is crucial because you never know when a disaster will strike. If it does strike, repairing your home and replacing the damages can be costly. 

But, what should you look for in a home insurance policy? Here are the 4 must-haves that your home insurance must-have if you are a first-time homeowner:

Home Structure Coverage
This coverage covers all the expenses you need to pay to rebuild or restore your home after an insured disaster. There are some disasters that won’t be covered, such as earthquakes and floods. Some companies include outdoor structures like gazebos and garages as part of this coverage. 

Personal Item Coverage
If your home gets robbed or destroyed by insured disasters, you will need to replace all your personal items. Insurance agencies often provide 50 to 70 percent of the insurance’s total amount to help you replace them. If your personal possessions are not in your home, you can include an off-premises coverage for them. However, there will be some limits for this coverage, especially if the items in question are jewelry. 

Liability Coverage
If policyholders and their families cause liabilities such as injury or property damage, liability coverage is important. This will pay for the legal expenses of the policyholder and court awards so long as it is within the policy’s limits. This coverage can be used worldwide, not just for your home. Liability coverage often starts from $100,000 depending on what it will cover. Policyholders can avail of excess liability policy or higher liability limits if they wish for further coverage. 

Additional Living Expense Coverage
While your home is being rebuilt due to insured disasters, you need money to pay for your temporary living situation. This coverage should cover expenses like hotel bills, meals and everything else you need to pay for while waiting. Companies vary when it comes to what is included in this coverage. 

At Robert Nichols Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (561) 406-6153. You can also request a free quote by CLICKING HERE.