Purchasing a reliable homeowner’s insurance policy is essential because it is usually required to secure a mortgage loan.
A good policy can also give you peace of mind and provide the protection you need in the event of a disaster or emergency.
There are many options when it comes to finding the right company to insure your home. You can also explore various coverage options to meet your needs.
It’s helpful to understand what customers typically like and to learn more about the available possibilities.
In this post today we will discuss the most common home insurance coverage options, and how they work, that way you can make the right decision for you and your family.
Dwelling Coverage
Suppose there is a catastrophe on your property, and your home is destroyed or suffers significant damage. In that case, dwelling coverage will compensate for your loss.
This policy will pay to rebuild your home and any attached structures such as the garage, decks, and porches. When you set up your policy, make sure you work with your agent to set a coverage amount that will be enough for your needs.
This coverage should take effect for incidents such as fires, wind damage, vandalism, falling objects, and damage from a vehicle or aircraft.
Personal Property Coverage
Your home itself is possibly the most valuable asset you own. However, inside your home, you may have any number of other expensive items that have monetary or intrinsic worth.
Your personal property coverage can help you recover from a fire, bad weather, or any other incident that damages or destroys your possessions.
This coverage also takes care of personal loss from theft or vandalism. Usually, this policy will cover between 50 percent and 70 percent of the total value of your home.
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Liability Coverage
This type of coverage helps protect you against injuries or death on your property.
For example, suppose a friend of your child is playing in the backyard, and she breaks her leg, falling off the porch. In that case, your liability coverage will take effect.
It will pay for the injured party’s medical costs. For example, if something on your property, like stairs or a walkway, is in disrepair due to your neglect. If it hurts someone else, the coverage will pay for their injuries.
Other Structures Coverage
It’s common for people to build sheds in their backyard to provide additional storage. Other structures such as gazebos and garages are also frequent additions to the property.
You can get coverage on these unattached structures as part of your policy. It allows you to repair things inside of your structure as well like epoxy garage floors, or rebuild them entirely if they or destroyed. Fencing is also included in this coverage.
The total coverage is usually around 10 percent of your complete dwelling coverage.
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Additional Living Expenses Coverage
You may never need this coverage, but you will be grateful you have it if an emergency does arise. This policy will pay for temporary housing while waiting for repairs to your home due to a covered event.
It is typically 20 percent of your dwelling coverage. It will pay for hotel stays or relocation to another house or apartment. Insurance coverage can be a significant help during a desperate time of need.
What States Require Homeowners Insurance?
There are no state laws that compel homeowners to purchase homeowners insurance. However, if you're taking out a loan, this issue becomes more convoluted. Do your homework and contact a professional insurance agent before applying for a mortgage.
If you're a potential homeowner seeking to understand more about your insurance obligations in your state, check out our article on how homeowners insurance works by state.
This guide will provide you with everything you need to know about homeowners insurance and the benefits of having insurance coverage based on where you live.
Taking Action
Hopefully I have clearly answered the question is homeowners insurance required.
While it isn't legally required you would honestly be a fool to go without it, especially with all of the crazy weather patterns and people in this world.
If you don't have coverage you need to click here or one of the buttons above as fast as possible and get the process started.