It costs a lot of money to own a home. Aside from the construction expenses, the mortgage may eat up a huge chunk of your budget for housing. In addition, insurance, furnishings, and property taxes can further increase your monthly financial commitment. Homeowners insurance can protect your home. Housing is probably your biggest investment, so make sure your home is protected from the unexpected.
Coverage for the Structure of a Home
The homeowner's insurance policy gives coverage for the cost of rebuilding the structure of the home. But it applies only if the damage is under the policy's scope.
The coverage amount of the policy will determine how much the insurance will pay. The amount will be used to rebuild your home. Making sure that the value is accurate is important. Your insurance company should calculate the necessary amount of coverage for you.
Payment to Replace Belongings
Your standard home policy should cover your belongings. You might not think that you own a lot, but the replacement of all your belongings may add up to a substantial amount. You should get a homeowners policy to give yourself peace of mind. First thing to do is create an inventory and keep the list, so you will have an estimate of how much coverage you need. Such list can be convenient when you need to file a claim. High-value items like jewelry, furs, antiques, and artwork need a rider to ensure the coverage. The rider is an extra insurance attached to the regular policy. It extends protection to the subject item of the rider.
Provision for Liability Coverage
Although most property owners try to avoid accidents, sometimes the unexpected may occur. One of your friends may slip on ice and break their bone. Your pet dog may also bite the mail carrier. You can only hope that you never have to worry about these issues. But it pays to be on the side of caution. Get homeowners insurance so you can protect yourself with liability coverage. Your policy will cover injuries that people may sustain on your property.
Fulfillment of the Mortgage Contract
Lots of homeowners carry a mortgage on their houses. If you are one of them, then you should know that most mortgagees requires the mortgagor to have a homeowners insurance policy. The lender has a financial stake in your home which is why you need to get insurance. If you don’t get one, the bank will get one for you, and it won’t always be the best rate so it’s better if you get a policy yourself.
At Western Pacific Insurance we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you, please contact our agency at (702) 932-3105 or Click Here to request a free quote.