Homeowners Insurance Basics
It’s good to think of Homeowners Insurance as a part of your investment in your home. For many of us, our home is the single biggest investment we’ll ever make, so it makes sense to protect your “living portfolio” from accidental losses caused by wind and weather, fire, break-ins, leaking appliances or other hazards. Standard policies also include liability protection and legal defense, in case someone files an injury or damage claim or lawsuit against you.
The more you know about what is covered – and not covered – by your Homeowners Insurance policy, and the better you understand your personal and family insurance needs and risks, the better prepared you’ll be when you buy coverage and if you ever need to file a claim. If you own your home already, it’s a good idea to review your policies every year with your agent or insurance company to make sure your financial needs and risks are covered. If you are shopping for a home, it makes sense to shop for insurance at the same time, so you can build an estimate of your coverage needs and anticipated costs before you “sign on the dotted line” for your home.