Your home is your biggest asset, and your home insurance policy is necessary to protect it. You can’t predict what might happen. A fire or a terrible hail storm could cause severe damage to your house, and it even be uninhabitable as a result. With home insurance, you don’t have to pay for the repairs out of pocket. At Legacy Insurance, our experienced agents will tailor a homeowner’s insurance policy to your situation to fit your needs and budget.
Most people know that home insurance covers repairs to a home if it is damaged by a storm. However, your insurance policy offers several additional coverage areas to protect your asset and your family. Every home insurance policy typically includes the same main 6 coverage areas:
While the policy insures your main dwelling, it also covers other structures on the property, such as sheds or detached garages. The personal property inside your home is also included in your insurance policy. If your home becomes uninhabitable because of a covered incident, your policy includes loss of use coverage. Finally, there’s a personal liability portion and medical payments coverage. If someone is injured on your property or you damage the property of others, your liability and medical payments coverage will protect your financial assets.
Your home insurance protects from many catastrophes, natural and man-made. Here is a list of events typically covered by your policy:
Your policy may exclude specific events, such as sewage backup or acts of war. You can purchase additional coverage options to include flooding and even earthquakes.
Certain natural disasters, such as flooding and earthquakes, are not automatically included in your home insurance policy. You may purchase separate flood and earthquake insurance or add a rider to your policy. When you insure the main dwelling, you want to consider insuring it for the cost of rebuilding instead of the current value of your home. This will protect you from having out-of-pocket expenses if your home needs to be rebuilt from the ground up.
The default coverage for personal property is the actual cash value of your items. You can elect replacement cost value coverage to allow you to purchase replacement items with insurance proceeds if they get stolen. If you have electronics, jewelry, collectibles, and other valuables, your home insurance may not cover the loss of these items. You need to purchase additional insurance for these valuables.
There is no legal requirement to have home insurance. However, insurance protection is in your best interest when something happens. Most people don’t have the money to repair or replace their home after a fire or hail storm. Additionally, the liability coverage in your home insurance policy can protect you if someone sues you for damages.
There are several things you can do to keep your premiums reasonable. The amount of your deductible affects your home insurance rates, but the condition of your house is also important. For example, a new roof or an actively monitored alarm system may reduce your premiums. You can also bundle your home insurance with other policies to get additional discounts.
No. A typical home insurance policy does not cover flood damage. Flood damage happens when the water is coming from the ground up into your home. If you’re in a low or moderate risk flood zone, additional flood insurance coverage will be reasonably priced. We can help you get a rider or separate flood insurance policy for your home.
We want to help you protect your most important asset with the right home insurance policy. Our agents work with dozens of insurance carriers to help you find the policy that’s right for you. We tailor your insurance policy to fit your unique needs and requirements. Call us today to get a home insurance quote!