Home Insurance
Your house is more than a major investment - it is your home. It is where you go when the day is done, where you entertain family and friends, and where you relax and enjoy your life. Selecting the right insurance product to protect your home is essential.
If you are financing your home, you must have home insurance. If you own your home, you are still encouraged to have this coverage. You never know when something can happen that can damage your home.
Understanding Home Owners Insurance
Three types of homeowners insurance policies are available to the consumer - Basic, Broad, and Special. The most common type of homeowners policy purchased is the Special.
Basic Homeowners Policy
A basic homeowners policy only covers the structure of the home. You will have coverage for damages caused by weather conditions, accidents, and fire. Some water damage will be covered, but not flooding.
Broad Homeowners Insurance
Broad homeowners insurance will cover the same as the basic policy but will also cover personal belongings in the home up to the policy limit. You may have increased coverage for additional perils to the structure as well.
Special Homeowners Policy
The most common policy because it offers the most protection. This covers the structure of your home and personal belongings and provides liability coverage in case anyone is injured on your property. These policies also provide you protection if your pet injures another person.
Understanding Water Damage And Homeowners Policies
Homeowner's insurance does not cover any flooding. You must purchase a separate flood policy if you want this coverage. The only water damage your homeowners' policy will cover is water that enters your home from storm damage that is not considered flooding, water damage from broken appliances, and some broken pipe events.
You should carefully review any homeowners policy you purchase to determine what types of protection they offer for water damage.
The 80 Percent Rule
Most insurance companies will require you to purchase a policy worth at least 80 percent of the value to replace your home. However, homeowners should consider a higher amount because home values increase with time.
Since you will be responsible for the other 20 percent and the deductible when you incur a loss, it may be beneficial to have higher coverage and a lower deductible. Not many people have the 20 percent deductible amount accessible at all times.
It is also important to review your homeowner's policy at least once a year. Real estate prices increase, and the coverage you initially purchased for your home may not be enough at a later time. Make sure that you have enough protection in the event of a home emergency.
Truckers Insured - Your Homeowners Insurance Agent
When you are looking for a homeowner's policy, Truckers Insured can help. We work with several different insurance companies and can find the right policy for your home. We understand the importance of protecting your home, and we will find the perfect policy for your needs.
When you need personal insurance policies, business coverage, employee benefit products, or insurance coverage for the trucking industry, the company to turn to is Truckers Insured.