Your new home is a big investment. Therefore, as with all investments, you should do everything to secure and keep that investment. This is why you should take out a home insurance plan on your home. Of course, the real question is what coverage would be perfect for your home?
This is an even more important question to ask these days seeing as a small anomaly can void your insurance claims or reduce your insurance payout. One of the most frustrating things anyone would ever go through is paying their premiums for years only to find that that they can’t get compensation for damages to their home because of a small technicality.
This is why you need to make sure that you get an ironclad home insurance policy that will be useful if the time ever comes. And to do this, you need to have a thorough understanding of what’s included in the standard homeowners insurance policy
Standard Homeowners Coverage
- Dwelling Coverage:
This covers the structure of the home itself, including the walls, roof, flooring, electrical wiring, AC, heating, plumbing and all other essentials. This is one of the most comprehensive homeowners insurance plan to buy to get the most benefits.
- Other Structures Plan:
Most, if not all properties have garages, gates, fences, sheds, outhouses, cottages, garden houses and even gazebos. All of these need insurance. The other structures plan is meant for these structures.
- Personal Property:
Personal property coverage helps ensure that all your belongings and items inside the home are covered. So, in the event that they are stolen or damaged in or even out of the house, this insurance coverage can help replace or repair them.
- Loss of Use Coverage:
If during the process of repairing or rebuilding your home, you have to stay somewhere else temporarily, this coverage will take care of all living expenses and arrangements pending when your home is completed.
- Liability Insurance Coverage:
If people suffered injuries or other people’s properties were damaged and they filed a lawsuit against your or your family because of the event, having a liability insurance coverage is going to help cover the legal fees and all associated expenses needed to get you a good defense lawyer to win.
- Guest Medical Protection Coverage:
This insurance coverage will ensure that guests who were injured while in your home at the time, get proper medical treatment.
Check for Claims in the Immediate Area
If you’re new to the area, then it might be best to find out the most common claims filed in the area. This will give you an idea of the best and most important insurance coverage.
If there are pre-existing claims issues like water damage in the house or surrounding areas, then it makes sense that you should get a homeowners insurance plan that covers that too.
Otherwise, you might just find yourself with a flooded basement or home one day and wonder how you’re going to have to pay for it when you didn’t take out an insurance plan to cover it.
Also take the time to check and study the home’s history. What problems are unique to the home? Does the house have/has had a mold and mildew problem? Have there been multiple claims by past occupants filed for burglary and the loss of personal items? All these are extremely crucial parts of the homeowners insurance choosing process.
With all of this information, you will be able to make an informed decision regarding the best homeowners insurance coverage for you and your loved ones. And you’ll also be able to avoid paying for certain unnecessary plans, even if they seem appealing. Though, you can do most of the research on your own, it is a good idea to seek professional assistance from an agent like the ones at Insurance Land.
Oscar King is a freelance writer and homeowner who contirbutes family, healthy and lifestyle topic aritcles.