What’s the difference between your home’s market value and the replacement value? Talk to your insurance agent to make sure your policy and deductible best fits your needs. Increasing your deductible will usually lower your premiums, but be sure that your deductible is a manageable amount for you to pay in the event of a claim. A lower deductible means that you pay less in the event of a claim, but as a result, you will most likely pay a little more for your policy. You decide on the deductible you feel comfortable with when you apply for your insurance policy. What is a deductible, and how does it affect my home insurance premium?Ī deductible on your homeowners insurance policy is the amount you pay out-of-pocket when you make a claim, before your insurance begins to cover expenses. An umbrella policy can provide broader coverage and higher liability limits than what is available as a part of your homeowners policy. Liability limits generally start at about $100,000, but it’s a good idea to talk to your independent insurance agent to decide if you should purchase a higher level of protection. Siding and/or roof restoration coverageĭoes my homeowners insurance cover me if I’m sued or found responsible for a person’s injury on my property?Ī typical homeowners policy covers financial damage from lawsuits for bodily injury or property damage caused to other people, up to the limit you selected on the policy.Additionally, damage from floods and earthquakes require insurance policies that can be purchased separately from a standard homeowners policy.Īdditional options for protection are available with endorsements to your homeowners insurance policy, including: Most home insurance policies don’t cover damage to the home caused by poor home maintenance. What isn’t covered by my homeowners insurance policy? For more occurrences that are also covered by homeowners insurance, see our article on seven surprising (and practical) things covered by home insurance. Home insurance also provides additional living expenses coverage in the event your home is uninhabitable due to damage from a loss. What does a typical homeowners insurance policy cover?Ī standard homeowners insurance policy insures the structure of your home, your belongings, liability coverage, and sometimes outbuildings such as a shed or garage. In addition to providing peace of mind, homeowners insurance is often required by mortgage lenders. Looking for insurance guidance? Find an agent in your area. Without homeowners insurance, if you have a loss or damage to your home, you are liable for the cost of rebuilding/fixing your home, replacing belongings, paying for temporary housing and other financial obligations that come as the result of the incident. Homeowners insurance provides protection in the event of a loss involving your home or an accident on your property.
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