Homeowners Insurance
Definition of Homeowners insurance:
Homeowners insurance is a type of property insurance that provides financial protection to homeowners against various risks associated with their home. It typically covers damages to the dwelling itself, personal property within the home, and liability for injuries or accidents that occur on the property
Important:
Regularly review your insurance needs (every 2-3 years, more often if there is an increase in asset value or worth or before adding a new risk). Consulting with an agent can ensure adequate coverage tailored to your specific risks.
How does it work?
Policies can vary, but they generally include coverage for:
Dwelling: Protection against damage to the physical structure of the home from events like fire, theft, vandalism, or certain natural disasters.
Personal Property: Coverage for personal belongings, such as furniture, electronics, and clothing, in case of theft or damage.
Liability Protection: Liability coverage helps protect homeowners if someone is injured on their property or if they cause damage to someone else's property.
Additional Living Expenses: Coverage for living costs if the home becomes uninhabitable due to a covered event.
Homeowners insurance can also include optional add-ons for more specific risks, like flood or earthquake coverage, depending on the homeowner's needs and the location of the home.