Does homeowners insurance cover anything else besides replacing my home if there was a fire? What if someone is seriously injured while on my property? What if my house is broken into and my valuable possessions are stolen?
Homeowners insurance protects one of your largest and most valuable assets: Your Home.
At HealthPlan Headquarters (HPHQ), we educate our clients about the different components that make up homeowners insurance coverage and why each one is important.
Most homeowners insurance policies cover:
Damage to your house and any permanent structures on your property, such as a garage or shed. You should note that some policies exclude coverage for damage due to certain causes.
Damage to your personal property. The policy you choose will provide details about the replacement of your personal belongings due to damage or loss from certain specific causes.
Additional coverage for specific items. If you have important items such as jewelry, antiques, silver, or firearms, you may want added protection for these items. These are often added as separate endorsements to have them included on your policy.
Personal liability coverage. If someone is injured on your property, you may be held legally liable for their recovery treatment costs, and they may sue you. This coverage protects your assets in the event of an unfortunate and unexpected event such as this.
When you determine the coverage you need for your home, it’s best to consider what it would cost to rebuild your home if it were destroyed, including all of your personal property.
Most people do not have enough coverage in place to account for the total value of their home and their personal property. Picture everything inside every room in your house…your clothing, your furniture, your electronics, your kitchen utensils, your tools, your rugs, your sheets and towels, your kids’ toys, your exercise equipment. This list probably goes on and on. Now add up the value of all of those belongings.
Most policies will cover your lost or damaged property at replacement cost…meaning, whatever the cost is to replace it today. The same goes for the actual structure of your home.
Whatever type of coverage you buy, you should make sure you have enough in place to replace your home at today’s prices.
Most companies will do an estimate based on the square footage of your house, how it’s built, the types of flooring, the number of bathrooms, the grade of construction, and if you have any security systems in place. As an example, if you have ceramic tile in your kitchen, you’re going to need more coverage than if you have vinyl flooring. These are the types of things you need to consider when evaluating the amount of coverage you have for your property.
A HPHQ Guru would be happy to educate you further on your homeowners insurance options as well as help you choose a policy that will meet your needs and budget.
Come in to our HPHQ store today, contact us by phone, or complete our Individuals & Families Quote Request Form and an HPHQ Guru will contact you to discuss your situation and provide you with a quote.
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