Becoming a homeowner comes with many responsibilities, making sure that you have adequate insurance is one that you shouldn’t overlook. Figuring out exactly what insurance you need can be complicated, but when you understand your options, you can make the best choices for your home. Every home is different but having a good idea of the basics will help you to get your personal needs covered.
Homeowners Insurance
The first and most basic type of insurance for homeowners is homeowners insurance itself. Homeowners insurance will cover the cost of your home and your belongings inside when a disaster occurs. That means that whether you experience a burglary or a major weather event, your home should be covered (depending on your specific policy verbiage). Having this kind of insurance will ensure that you can recover if the unthinkable occurs. It’s important to make sure that you have enough coverage, but you also don’t want to pay for more than you need. Because a home is a critical financial investment, you need to protect it with insurance.
Flood Insurance
Typical Homeowners insurance policies as a rule do not cover floods, so if you live in an area where floods are likely (aka everywhere in Florida), you should purchase flood insurance. This kind of insurance would reimburse you if your home or property was damaged by rising water. Flood insurance will cover damage from flooding that is caused by a variety of natural disasters and you can generally get it from a national program depending on your zone. If you live in an area that is prone to flooding, and your home is under a mortgage, you may be required to purchase flood insurance from your mortgage company.
Understanding the Ins and Outs
An important thing to note is that there is a lot of coverage available for your home and it is unlikely that you will need every option available. It is important to look at the policies available and choose the coverage that makes the most sense for your needs. Maxing out on your personal property coverage when you don’t have a lot of personal property can mean spending a lot of money on premiums for coverage you don’t need.
It is important that you have insurance so you can take care of your home and be prepared for an emergency. Understanding the coverage that is available and taking care to get what you need can save you when tragedy strikes. With the help of insurance, you can make it through some of the toughest times homeowners face.
We at Harris Insurance are standing by and ready to help answer any questions you may have about Homeowners Insurance. Give us a call or email us at service@harrisinsurance.com for a full policy evaluation.
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LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
