What You Need to Know About Homeowner’s Insurance

Owning a home is one of the biggest investments you’ll make in your lifetime, and protecting that investment is crucial. Homeowner’s insurance provides financial security against unexpected events, ensuring your home and belongings are safeguarded. Here’s what you need to know before selecting the right policy for you.

What Does Homeowner’s Insurance Cover?

A standard homeowner’s insurance policy typically includes several types of coverage to protect your home and finances:

Dwelling Coverage

This part of your policy protects the structure of your home, including walls, roof, and foundation, from damage caused by fire, storms, vandalism, and other covered perils.

Personal Property Coverage

Your belongings, such as furniture, electronics, and clothing, are protected against theft, fire, and other specified damages. Be sure to take inventory of your items to determine if additional coverage is needed for high-value possessions.

Liability Protection

If someone is injured on your property, liability coverage helps cover legal fees and medical expenses. This can also extend to incidents caused by your pets.

Additional Living Expenses (ALE)

If your home becomes unlivable due to a covered event, ALE helps pay for temporary housing and other associated costs until you can return home.

What Isn’t Covered?

While homeowner’s insurance covers a variety of risks, there are certain exclusions:

• Flooding: Standard policies do not cover flood damage; a separate flood insurance policy is required.

• Earthquakes: You’ll need a specific earthquake insurance policy if you live in a high-risk area.

• Normal Wear and Tear: Home maintenance issues like aging roofs, plumbing deterioration, or general repairs are not covered.

How to Save on Homeowner’s Insurance

Home insurance premiums can add up, but there are ways to lower your costs:

• Bundle Policies: Combining your home and auto insurance with the same provider can often lead to discounts.

• Improve Home Security: Installing security systems, smoke detectors, and deadbolt locks can reduce your insurance premium.

• Increase Your Deductible: Opting for a higher deductible can lower your monthly premium, but be sure it’s an amount you can comfortably afford if a claim arises.

Pro Tip: Review Your Policy Annually

Home values and coverage needs change over time. Reviewing your policy each year ensures you have adequate protection based on your home’s current value and location-specific risks.

Need Expert Guidance?

Choosing the right homeowner’s insurance can be overwhelming. If you have questions or need personalized recommendations, let’s chat! Protecting your home starts with the right coverage, and I’m here to help.