Homeowner’s insurance is a vital and necessary part of home ownership. It provides financial coverage for your home and your belongings in the event of certain misfortunate situations. Buying a house may be the largest investment you’ll make, and homeowner’s insurance keeps that investment safe.
Let’s take a look at some of the facts you need to know about homeowner’s insurance:
What’s Covered?
Most homeowner’s insurance policies will include coverage for the below areas:
- Interior/Exterior Damage to your home: If your home is damaged by an event that’s covered in your policy, your insurance will help provide relief when it’s time to make repairs. The specific amounts and items that are covered vary based on the policy you choose.
- Replacement of your belongings: The replacement of lost or stolen belongings is also covered in your homeowner’s insurance policy, up to a certain amount.
- Personal liability for accidents that may happen on your property: Accidents can happen anytime and anywhere. If anyone is accidentally harmed on your property, there’s liability coverage to protect yourself and help those that have sustained injury.
Homeowner’s insurance can cover more than what’s listed above, like temporary housing in the event that your home is damaged and your family needs to temporarily relocate, and outdoor structures that your property may include, like sheds or detached garages, but the inclusion of any additional coverage is totally up to you.
What’s Not Covered?
After reading what is covered, you may be wondering what’s not covered. Mainly, acts of war and “acts of God”, like natural disasters such as earthquakes or floods. Additional policies to cover certain events can be added, but you’ll want to speak with your insurance agent for more details about what options would be best for you based on where you live.
How Much Does It Cost?
The cost of homeowner’s insurance varies but generally, like health insurance, the more expensive the policy, the more covered. The location of the property also plays a large role in the cost. Insurance provides a safety net, but the size of that net is at your discretion (If you have a mortgage, your lender will impose minimum coverage requirements). There are also a variety of discounts that may be available to you if you increase the safety of your home by adding certain alarms, locks, and other security measures, which your insurance agent will have information about.
After a major purchase like your first home, you’ll rest easier knowing that between the Starlight Homes Warranty Program and homeowner’s insurance, you can be confident in your decision for years to come.
