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January 27, 2017

What Is Homeowner’s Insurance?

If you’ve ever purchased a home, then you know that homeowner’s insurance is something that mortgage companies require you to have, usually for the purchase price of your property, before you can obtain a loan.

Besides knowing that homeowner’s insurance in a necessity, do you know much else about it? If you own a home in Lake County Ohio, or you’re going to be purchasing a home, it’s important to understand the basics of homeowner’s insurance.

What Does It Cover?

A standard homeowner’s insurance policy provides coverage for the following:

– Exterior damage: Damage due to a number of covered disasters like fire, lightning, and vandalism entitles you to compensation from your insurer for repairs or rebuilding.

– Personal Belonging Loss or Damage: If your belongings like clothing, furniture, and other home contents are damaged or destroyed in an insured disaster, you will typically be covered for 50-70% of the amount of insurance on the structure of your home, unless you have separate policy that insures your items for their full appraised value. Items like antiques, art work, jewelry, and collectibles are often formally endorsed on a homeowner’s insurance policy.

– Personal Liability: If someone or something is injured or damaged by you or your family, your policy can protect you from potential lawsuits and expenses. For example, if your dog bites someone, or if someone trips and falls in your home, your policy would cover the medical expenses.

– Rental Costs: Your policy may include additional living expenses, which would reimburse you for hotel costs, rent, restaurant meals, and other incidental costs you incur if your home is being repaired or rebuilt due to damage. Most policies include a daily and total limit.

What is Not Covered

Unless you have separate coverage, typically damage due to floods, earthquakes, and a lack of home maintenance is not covered. Other types of “acts of God” and acts of war are not covered. You may want to consider adding on coverage if you live in areas prone to these types of natural disasters. Additionally, you can add on things like sewer and drain backup coverage.

Cost and Rates

Premiums can vary widely based on the coverage you choose, the rates in your area, and the state you are in, the conditions of your home systems, and much more. However, like auto insurance, you can shop around for homeowner’s insurance in order to find the best rate.

Insuring Your Home

With so many variables in coverage and rates, it’s a good idea to utilize the services of an insurance agency. Pollutro Insurance Agency in Painesville, Ohio can help you choose the right type of coverage to ensure you’ll receive appropriate compensation if anything were to happen to your home, while getting the best rates. Contact the agency today for your homeowner’s insurance needs.

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