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| Benefits of Homeowners Insurance |
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To protect the investment you have made in your home, you need to find a competitively priced insurance policy that provides replacement cost coverage for your house and personal property. The proper home insurance coverage has the proper levels of protection within that policy including special provisions for jewelry, your computer equipment, and other particularly valuable possessions. Supplementing this coverage should be protection against natural disasters that are not covered in your basic policy.
| TIP: Many homeowners think that the policy terms required by their lenders represent adequate levels of insurance, but this may not be true. It is important that you determine your needs and make sure they are reflected in your coverage. |
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| What's Protected? |
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Homeowners with mortgages are required by their lenders to have home insurance. Homeowner's insurance can also protect your home from fire, lightning, windstorms, hail or explosions. Insurance can also cover riot or civil commotion, damage from vehicles, sudden and accidental damage from smoke, vandalism or malicious mischief, theft and accidental breakage of windows.
A homeowners insurance policy will frequently only offer limited coverage on some items such as jewelry, currency, and precious works of art. Policy holders who need additional coverage on these items can usually obtain it for an additional cost.
If your property is in a flood hazard area, you must obtain flood insurance. You are responsible for obtaining this coverage and it's important to know that flood insurance is not included in a standard homeowners policy. Even if your home is not located in a flood hazard area, you still may wish to consider flood insurance.
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