Homeownership is one of the most important investments a person can make in their lifetime. Even for wealthy people, buying a home is a transaction that involves plenty of work and financial commitment. This is why it’s especially troubling to consider how easily a home can be destroyed by random events. Any and every house can be irreparably damaged in a matter of moments by accidents and natural disasters. If you can afford to protect your house through homeowner’s insurance, don’t hesitate at all to do so. There’s nothing more crushing than taking stock of wreckage after a fire or a storm, especially in light of the fact that a little insurance can prevent you from losing everything.
What is a Homeowner’s Insurance?
Simply put, homeowner’s insurance is a class of property insurance that is specifically designed to cover any damages inflicted on a homeowner’s house and property. Homeowners insurance can compensate for a range of accidents related to fires, thunderstorms, hurricanes, tornadoes, theft, and vandalism among others. Homeowner’s insurance policies are generally organized according to an alphabetical schedule with sections ranging from A to F.
Section I of a homeowner’s policy includes coverage for the following specific areas:
- Coverage A – Dwelling: Implying coverage for the actual home itself.
- Coverage B – Other Structures: Implying coverage for any detached buildings surrounding a given home such as sheds and garages.
- Coverage C – Personal Property: Implying a homeowner’s possessions which are stored within the insured home.
- Coverage D – Loss of Use: Implying compensation for routine expenses incurred in the event that a homeowner cannot inhabit their home due to tragedies that are covered.
Section II of a homeowner’s policy comprises coverage for the following specific areas:
- Coverage E – Personal Liability: Implying financial protection for a homeowner in the event that they become legally responsible for injury to others.
- Coverage F – Medical Payments to Others: Implying payment for medical expenses, within reason, incurred by people who have been injured on a homeowner’s property.
Whereas homeowner’s insurance provides coverage for a wide range of incidents, there are certain disasters that either requires unique coverage or subscription for an additional premium beyond a basic homeowner’s insurance policy. In particular, earthquakes, floods, mold and ordinary wear-and-tear aren’t covered under basic homeowner’s insurance. For more information, visit any of our offices or give us a call at 1-800-639-7654 to find out how Adriana’s Insurance Services can help you find the right insurance policy. We got you covered!