Homeowners Insurance
For most people, your home is the largest single investment you will make, which is why homeowners insurance is so important. Homeowners insurance provides financial security - protecting your investment and reducing your exposure to legal liability.
Homeowners are generally interested in getting the best insurance policy they can find for the lowest possible price, and that's where we can help. As independent specialists in sourcing homeowners insurance quotes, we can help you find the right coverage for your home at the lowest available rate.
Homeowners Insurance Coverage
In addition to property coverage, homeowners insurance coverage also includes liability protection. A typical homeowners insurance policy has six categories of coverage. These are described below:
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Dwelling Coverage
The main component of a homeowners insurance policy is coverage for the physical structure of your house (your land is excluded). You should obtain enough insurance to cover the cost of rebuilding your home in the event it is damaged or destroyed by one of the perils named in your policy.
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Coverage for Other Structures
A standard homeowners insurance policy also covers structures on your lot that are not attached to your home, such as a shed or garage. Coverage for detached structures is normally limited to 10 percent of the insurance value of your home.
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Personal Property Coverage
Most homeowners insurance policies provide coverage for your personal belongings up to between 50 percent and 70 percent of the insurance value of your home. This is normally sufficient coverage for most people. You should perform an inventory of your belongings and estimate the total value to determine if this amount of coverage is sufficient or if you need more.
Most policies include off-premise coverage, which means your possessions are covered even if they are not on your property at the time of loss or damage.
If you have high-value individual items such as jewelry, camera equipment, artwork or collectibles, you may need to obtain a special endorsement.
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Liability Coverage
Liability coverage provides protection against bodily injury and property lawsuits. It includes no fault medical coverage if someone is injured in your home. It pays for your defense in court and any money you are required to pay as a result of any injuries or damage sustained, up to your policy limit.
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Coverage for Loss of Use and Additional Living Expenses
If you are unable to inhabit your home as a result of damage caused by a covered disaster or event, a standard homeowners insurance policy will pay for your hotel stay, restaurant bills, and even loss of income if you normally rent out part of your home, until your home is repaired.
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Additional Coverages
Your policy may provide coverage for additional expenses, such as damage to trees and shrubs (generally excluding damage caused by wind and ice), debris removal, fire department charges, identity theft charges, and loss assessment.
Some items or perils may be specifically excluded from coverage under the policy. For example, earth movement, intentional loss, neglect, nuclear hazard, power failure, and war.
Homeowners Insurance Quotes
Obtaining homeowners insurance quotes is easy. Simply complete our simple online form, starting with your zip code above, and we will source the best quotes from insurers serving your state.
All quotes are free and you are under no obligation to accept any of them, so there is no risk to you, and you could end up saving money!
If you already have a homeowners insurance policy, obtaining quotes is a great way of determining if your current policy is still competitive, or if you could be paying less.
Disclaimer: This article is provided for informational purposes only and should not be considered a substitute for professional advice. Please read your policy carefully and talk with your insurance agent to determine your actual coverage, which may differ from that described above.
September 3, 2010
Frequently Asked Questions
