A standard home policy pays for the expenses of repairing and rebuilding the structure of your home in a covered event. This coverage includes your balcony and other structures that are attached to your home. Detached structures (e.g. fence or shed), on the other hand, are covered only by a set percentage limit of the home policy.
A home policy also includes liability coverage that will help protect you and your household members against lawsuits due to bodily injury or property damage. It will also cover treatment expenses for guests injured within your home. Alternative living arrangements will also be covered while your home is repaired or rebuilt after a covered event.
Is my personal property covered?
Standard home policies cover artwork, clothing, electronics, furniture, and sporting goods in case of damage, loss, or theft. They are usually covered both at home and elsewhere. However, note that there is a set limit for the amount of coverage on the home structure. If your home policy isn’t enough to cover everything in your home, you may purchase more or get a scheduled coverage for each item.
What isn’t covered by my home insurance?
Standard home policies don’t cover certain events like earthquakes and floods. Thus, if you live in an area where earthquakes or floods are likely to happen, get a separate coverage from your insurer. Also, your home insurance will not cover anything that is outside the scope of your policy.
Can I not insure my home?
You can’t own a home without insurance especially if you owned your home with a mortgage. It is important to note that most lenders would require you to get insurance. You may also be required to get earthquake or flood insurance if you are living in high-risk areas.
However, once you’ve already paid off your mortgage and own your home, you are not legally required to maintain insurance. But bear in mind that when you consider the potential of losing your home, you should think twice before canceling your insurance.
Do I qualify for home insurance discounts?
You may qualify for home insurance discounts. Even if the agents don't mention anything about it, don’t hesitate to ask them. Discounts will go a long way in your savings.
Robert Nichols Insurance Group offers home insurance products that will help you protect your home. Our agents will also help you decide on what and how much coverage you will need for your home. Call us at (561) 406-6153 or visit us today. Get a free home insurance quote from us by clicking here!