One of the things that some individuals may not take into consideration when purchasing a home is homeowners insurance.
How much coverage is wanted or needed?
A home is one of the most expensive investments that you will make in your lifetime so it is important to understand why you should purchase an appropriate insurance policy.
Choosing the correct insurance for your home will protect your investment against unexpected occurrences that could put you at risk for potential financial ruin in the future.
Homeowners Insurance Can Protect You from Accident Liability on Your Property
If someone were visiting your home and is injured by anything, even something as simple as tripping over a crack in your sidewalk, homeowners insurance can help pay the medical bills if they are injured to the point that it requires medical attention.
The amount paid will depend on the amount of liability coverage, if any, that you have selected at the time your policy is written.
This part of the policy can prevent you from having to pay out of pocket costs if someone is injured on your property and you are found liable for the cause of the injury.
Protect Your Valuable Items from Loss and Theft
Many homeowners insurance policies have specific coverage available for valuable items that you own.
If any of the declared items are lost or stolen, the homeowners insurance policy will replace them or offer a cash settlement based on value.
You may have to ask for a rider when you purchase the policy to receive this coverage and a professional appraisal may be required for some items.
This part of the homeowners insurance policy can give you the extra piece of mind of knowing that your valuable items are protected against loss.
Also keeping a record and pictures of jewelry, firearms, antiques, and other valuable items can be helpful during the claims process.
Protect Your Home Against Disasters
No one likes to think about or expects something horrible to happen to their home but disasters occur everyday.
There are many natural disasters that may occur including fire, flood, tornados, and hurricanes that can destroy or severely damage your home.
Homeowners insurance will give you the satisfaction of knowing that even if you have to go through the stressful experience of a disaster, it will not destroy you financially.
While homeowners insurance is an optional purchase only when your home is paid off, it is wise to keep it so as to preserve your property.
Mortgage companies will require insurance be purchased on the structure of the home to protect their investment from damage that can ruin the value.
The type of insurance and what is covered is one of the most important decisions that a homeowner will make.
The worst type of policy is no policy at all and that can cause a financial ruin that you may never recover from.
When our awesome team of agents in not helping our clients protect their homes, you will find them around the Austin, Texas area playing football in one of the local parks, or hiking the Lady Bird Lake trails.