Top things to look for when purchasing a homeowners insurance cover

Check out the important elements of a standard home insurance policy

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It took you years to build your home. You had to save for long to purchase that precious home of yours. So, why leave it at the mercy of perils such as floods, windstorms, hailstorms, hurricanes, and water damage?

If you truly value it, protect it with a home insurance coverage. Here are important elements of a standard home insurance policy:

Content Coverage

Content coverage typically refers to a portion of home insurance coverage that protects the value of your personal possessions. With standard policies, insurance agents usually estimate an amount based o your home’s value.

If you’ve expensive items, like jewelry and antiques which require high levels of benefits, contents coverage would be an incredible option for you. In case your home gets vandalized, this type of coverage will pay the cost of replacing the lost items. Standard policies often limit coverage for particular items, like jewelry, to around $1,500 to $3,000.

So, if you’ve valuable art or precious pieces of jewelry, consider purchasing a separate rider or endorsement that’s specific to those items. When doing this, be prepared to provide a professional appraisal detailing the value of the items.

Liability Coverage

Liability coverage often pays for injuries and property damage experienced by other people on your property. For instance, if your friends come over to your place for a meal and someone accidentally trips and falls down the stairs, then your liability benefits will cater for any medical, as well as, legal costs. Essentially, standard coverage is for 100,000 to 300,000 dollars. To better protect their property in case of a lawsuit, certain people opt to purchase additional protection or separate personal liability policy.

List of Covered Risks

Every insurance policy clearly spells out the types of natural disasters as well as perils it covers. And the most common inclusions are fire, falling objects, lightning, explosions, vehicle or airplane damage, and wind.  Depending on the insurance provider, coverage for water overflows from frozen pipes, sprinklers, and in-home systems might need a rider.

Basic policies don’t usually include earthquakes, hurricanes, or floods. However, you can always opt to pay additional premiums in order to get comprehensive coverage for these perils.

Cost of the Premiums

The amount of premium you pay varies depending on your ZIP code, property value, and your proximity to fire services. Features like a walk-out basement, a pool, or fireplaces could also have a significant impact. A home insurance policy on a $200,000 property often ranges from $700 to $1500 per year. Purchasing both your auto and home protection policies from the same carrier and raising your deductible could save you a lot on premiums.

The Bottom-Line

Home insurance coverage is a lifesaver. It cushions you against financial losses resulting from home damage or destruction. Plus, it also provides coverage for injuries, as well as, property damage experienced by other people within your property. So, what are you still waiting for? Get yours today from Money Expert home insurance and live a peaceful life!