When buying a home, acquiring insurance coverage may not be at the top of your to-do list in the midst of packing, moving, and decorating your new space. However, once you understand the many practical benefits that a homeowner’s insurance policy provides, you will see why it is so important to take care of it as soon as possible.
Here are five primary reasons getting a homeowner’s insurance policy should be a priority for you and your property.
5 Main Benefits of Homeowner’s Insurance
In simple terms, homeowner’s insurance provides compensation for damages to your property and belongings. A standard policy often covers extra living expenses, injury to others, theft of property, and damage or destruction to the interior or exterior of your home.
A typical homeowner’s policy can help safeguard your assets, but it typically includes coverage for the interior and exterior of the building as well. The following elements, including your personal belongings, exteriors structures such as a shed, and even hospital costs in the event that a guest is injured on your property, may all be covered by a normal homeowners insurance policy.
#1 Protection of Your Main Dwelling
The most important component and main objective of home insurance policies is to safeguard your principal dwelling, or the part of your home where you actually reside.
#2 Protect Your Detached Structures
The second most important component of home insurance is coverage for your detached structures, which may include garages, storage sheds, fences, dog houses, and more.
#3 Coverage for Your Home’s Contents
Make a list of all the furniture, electronics, appliances, and other personal objects that your policy would cover before you buy house insurance.
You might be eligible for a partial or full reimbursement if a covered event (like a hurricane) damages or destroys some of this property, depending on the specifics of your policy.
#4 Liability Coverage
If someone is injured on your property, you could be held liable for the medical costs, which could be incredibly costly. Homeowners Insurance protects you in the event someone is hurt in your home or on your property.
Note that your insurance does not provide coverage for personal injuries or property damage to you or other household members. It is designed to specifically protect you against costly lawsuits that could arise from others being harmed.
#5 Loss of Use Insurance
You will incur hotel, food, and travel costs if a covered event forces you to vacate your home while it is being repaired or rebuilt. Your homeowner’s insurance policy’s loss of use provision will provide coverage for temporary dwelling and basic living expenses up to a specific amount.
These are all important advantages of having homeowner’s insurance. As you can see, a policy will take care of much more than just fixing broken shingles!
Contact us to Gain Peace of Mind
Although having homeowner’s insurance won’t keep damages from occurring, it can help by acting as a financial safety net in the event of an unforeseen disaster. Coverage can allow you to have peace of mind as a homeowner.
At GWK Insurance, we take pride in providing our clients with the best options for insurance cover in order to remove the concern if disaster should strike. Contact our office to find out more about how we can get the best homeowner’s coverage for you.