What is home insurance?
Home insurance essentially comes in two parts: The building insurance and Contents insurance. Although there are two ‘parts’ to the insurance, homeowners often combine the two parts into one policy, which can sometimes work out cheaper for the policyholder.
While the building insurance will cover you against damage to building itself – things like fire damage, flood damage, window damage and floor damage (so all the actual elements of the construction), the contents insurance covers you for the property within your home – this could be your television, sofa and even your carpets.
Why do you need home insurance?
If you are a homeowner or renting a property to a tenant, then you will need to have buildings insurance. Mortgages can sometimes include this as a condition, so by not having this, it could place a risk, not only on your mortgage but your home as well.
If you live in a rented property, you’re not required to have building insurance, as you can’t insure something you do own. However, you can cover the contents within the home you live in – and even though contents insurance is optional – it’s a good thing to have for your peace of mind.
A standard home insurance policy can cover common damages like fire, flood or theft but also some less common events like ice dams and accidents in the pool area. Coverage options are also available for high-value items, like electronics or jewelry. What is covered can vary state-to-state, so it’s important to have an agent that will explain the details of your coverage in-depth.
Home is where your heart is. And also a big chunk of your net worth. Your house is probably one of the most important investments for you and your family – so you definitely need to protect it with a home insurance policy.
Get in touch with us now and we will help you get the affordable homeowners coverage you need and the peace of mind you desire.