What You Should Know About Standard Homeowners Insurance
Acquiring a home is a dream that most individuals have, but only a few ends up achieving. A home is considered a man’s most expensive investment. When a wise person buys one, they should go a notch further and obtain the homeowners’ insurance. Not everyone can afford to rebuild their priciest investment after a disaster destroys it. However, with a homeowner’s insurance, things will be less tough for you after the calamity. Essentially, the homeowner’s insurance policy is the type of property insurance that covers for losses or damages on a person’s house and their possessions. It provides liability coverage against accidents that happen in the home or the entire property. What’s more, the insurance can as well protect you.
What a Standard Homeowner’s Insurance Covers
A standard homeowner’s policy helps the homeowner to cover damages caused by specific calamities as fire, hail, lightning, theft, vandalism, and windstorms. You might wonder why some hazards like earthquakes and floods are not covered in the standard policies. However, working closely with your company for homeowners insurance Silverdale WA is imperative as they will advise you on the available covers that protects one against these disasters.
This one helps protect your structure, the built-in appliances and the wall-to-wall carpet of the house. This means that the house and any connected structures like the cellar or the garage will be protected against the damage. When a covered loss destroys your home, the dwelling insurance will cover for the repairs and the cost for rebuilding the whole structure.
Other Structures Coverage
This covers for the structures that are not attached to your main house, e.g., the garage, sheds, or the guest house. This type of insurance covers the costs due to the damage.
Personal Property Coverage
This will help protect your home belongings. Belongings covered here are your fittings or electronics when they are damaged by a covered loss.
This one protects you from any costs connected with bodily harm sustained by your guests in your home. It also covers any expenses that may come up due to negligence such as loss of wage, pain and suffering, individual medical bills and more. At times, it may cover for the legal defense cost if a dispute arises.
Loss of Use Insurance
If a covered loss makes you move out of your property temporarily, the above coverage will protect you against your living expenses or any additional housing. In severe cases, homeowners may have to leave their houses to live in a temporary apartment or a hotel to pave the way for repairs or overall rebuilding of their homes to take place. At this time the loss of use coverage will get you covered.
Obtaining a homeowner’s insurance is not mandatory like the auto insurance. Therefore, you can decide to purchase or not obtain it. Nonetheless, your lender may demand that you acquire it plus a specific level of home insurance coverage. Ultimately, it is an essential way of protecting your investment. In case of a calamity, your wallet will be spared a significant chunk of money.