If you own a home, you need home insurance. That is because most mortgage companies actually require borrowers to have coverage for the full value or portion of the value of a property.
If that is not the case, however, you probably still need homeowners insurance because it protects your home and personal possessions against damage or theft. Moreover, some policies offer liability insurance for accidents and medical payments for people hurt on your property.
What homeowners insurance can cover:
- Personal Property
- Medical Payments
- Loss of Use
There are usually three basic levels of coverage: cash value, replacement cost and extended replacement cost/value.
What homeowners insurance doesn’t usually cover:
- Flooding, including drain and sewer backup
- Earthquakes, landslides and sinkholes
- Infestations by birds, vermin, fungus or mold
- Wear and tear or neglect
- Nuclear hazard
- Government action, including war
- Power failure
What to consider when determining the best policy for you
First thing on your list should be how much insurance you need, which should cover the cost of rebuilding your home if something happens to it. That is not necessarily what you paid for the house and how much you owe on mortgage, but the actual cost to rebuild. Add to that the worth of your belongings and pay thorough attention to valuable items. A qualified insurance agent will be able to guide you through the process.
Other important points to consider are: the chances of accidental damage, purchasing away from home cover, the value of your garden and adding options for alternative accommodation and legal cover in case something happens.
Seabrokers’ homeowners insurance options include: dwelling, personal property, liability, medical payments and loss of use. For more information, you can call (864) 587-2141 or get your free quote here.