Benefits of Homeowners Insurance
Buying a new home is its fair share of work and it can often get complicated for those who have never bought a home or haven’t been in the market for a while. One very important aspect of purchasing a new home that many homeowners forget or don’t take into account is purchasing home insurance. Although homeowners insurance is sometimes not a requirement, it is highly recommended as it can save you thousands of dollars in damages and repairs. At King Insurance Partners, we can provide you with the right homeowners’ insurance for you.
Unforeseen events can happen at any time that could damage your home, especially in with heavy rains, thunderstorms and hurricanes. One of the main coverages that homeowners insurance provides is dwelling protection. Dwelling protection covers the structure of your home against certain risks.
Natural Disaster Protection
Not all natural disasters are covered by home insurance, however, most policies cover damages caused by fire, lightning strikes, high winds and hail. However, coverage for damages caused by earthquakes and floods are typically purchased separately.
Personal Property Protection
Homeowners insurance doesn’t just cover your home, often times it also provides coverage for your personal belongings. Whether items inside of your home are stolen or damaged by something like fire, personal property protection often helps to repair or replace such belongings.
Homeowners Insurance also provides liability protection. This means that if someone who is not living in the property is injured there, your insurance policy may help pay for the resulting medical and legal expenses. In other words, homeowners insurance also protects you from liability lawsuits.
Low Monthly Premium
Generally speaking, home insurance doesn’t tend to be as expensive as other types of policies making it possible for you to get a good policy at a low monthly premium. Your premium will depend a lot on the type of home you have so it’s always good to know the insurance rates before purchasing a property.
What Does Homeowners Insurance Cover?
In most cases, a typical homeowners insurance policy will cover your home and possessions from certain storms, fire, theft and vandalism. It can even protect belongings outside of the home such as something from your car that auto insurance won’t cover. Most policies will also cover your belongings when they are travelling with you such as a laptop. Apart from that, homeowners insurance also covers shelter costs in case you need to stay somewhere other than your home temporarily while damages are repaired.
What Does Homeowners Insurance Not Cover?
Most homeowner insurance policies will have things that they do not cover so it is important to be aware of what those are and how necessary coverage for those risks is depending on the area where you live. Common exclusions include damages from earthquakes, landslides, sinkholes, power failure, poor workmanship, and flooding. When it comes to water damage, many policies are explicit about what kinds of water damage they cover.
Determining How Much Coverage You Need
Home insurance can save you thousands of dollars in property damages but in order for you to get the most out of it, you need to determine how much coverage you will need. The first step is to determine the exact value of your home to know exactly how much insurance you will need. You also need to understand the risk factors that your premium will be based upon such as the neighborhood in which you live in, the crime rate, the climate of the area, trees around your home, etc. Take inventory of your possessions and how much money they amount to as this too could be covered by your policy. Lastly, know exactly what your policy covers and what it does not in order to determine whether you should purchase additional coverage.
Buying Your First Home
When buying a home for the first time, there are a couple of things you can do to ensure the process goes as smoothly as possible and that you’re able to invest in a home that you love and will give back in return.
- When looking to buy home, hire a real estate agent for help.
- Stay within your budget rather than trying to stretch it.
- Consider getting a loan.
- Keep other expenses in mind, such as homeowners insurance.
- Perform home inspections prior to purchase.
Once you buy your new home, trust King Insurance Partners for your home insurance policy. We can help you find the right coverage for you so that your property and belongings are always protected; contact us today.