Homeowner’s insurance is designed to cover accidental loss or damage to your home and personal property. Homeowner’s insurance also covers your personal liability if someone is injured on your premises.
We recommend that every client actually read their homeowner’s policy to gain an understanding of the coverage and exclusions. Here are at least three things you need to understand about your homeowner’s insurance.
1. What the homeowner’s policy covers and does not cover. As stated above, a homeowner’s policy typically covers loss or damage to the home and personal property up to the policy limit. It also provides liability coverage if someone gets hurt on your property and decides to sue. Some common policy exclusions are flood, wear and tear, faulty workmanship, and even hurricanes in some locations.
2. Let your independent agent shop for you. We have access to dozens of markets, and we are better equipped to provide the best possible combination of coverage, price, and service. Our services do not cost you anymore.
3. Know what you can do to reduce premiums. These things will help keep your premiums lower: installing an alarm system or water intrusion system, having a fence around your pool, living close to a fire station, and updating your roof or electrical system.
A well-written homeowner’s policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. Having an inventory will allow the insurance company to completely replace items that were damaged or lost.