A standard home insurance policy helps in the repairs of your home structure in the event of covered losses and damages outlined in the policy. That includes your balcony and other structures attached to your home. Detached structures, on the other hand, are covered at only a certain percentage of your home insurance.
Personal property is also covered, but not everything. More often, you need separate coverage for jewelry, paintings, and collectibles.
You will also have liability coverage in your standard home policy. It helps protect you and your family against lawsuits if you’re found to be responsible for bodily injury or property damage at your home or somewhere else. Liability coverage also helps pay for the costs if a guest is injured within the vicinity of your home.
What isn’t covered by my home insurance?
Home insurance policies do not cover damages caused by floods and earthquakes. Thus, if you live in areas where one or both of them are likely, consider getting additional coverage from your insurer.
Am I eligible for discounts?
You may or may not qualify for discounts. Your agent determines your eligibility. To start with, check the age of your home. You’ll likely get a discount if your home is new or less than a decade old. Discounts may also be awarded to you if you have safety devices installed in your home. Where you live will also make a difference. Expect for discounts if you live near a fire station.
Is it possible to own a home without insuring it?
If a mortgage finances your home, you’re typically required to get insurance. That is usually required by lenders to protect their investment. But if you’ve paid off your mortgage already or buy your home outright, there’s no legal requirement to keep your home insured. However, considering that the risks of not insuring are high, you may want to think twice about canceling your policy.
Before buying home insurance, it is vital that you understand what is outlined in the policy. So if you’re uncertain about some things, don’t hesitate to give your agent a call.
Here at Western Pacific Insurance, we promise to provide you the best home insurance solutions to fit your needs. You can even have your policy tailored according to your budget. Get a free home insurance quote from us and talk to one of our agents. Call us at (702) 932-3105 or visit us today.