Homeowners insurance is a must for you when purchasing a home as it’s one of the safety nets you can rely on in adverse moments. You never know what can happen to your home at any given time, whether it’s a fire, flood, hurricane damage, theft, or any other destructive force that puts you and your family at risk. Mortgage companies require proof of insurance for the full/fair value of a property before they can approve you. It’s smart to get this kind of protection, so you’re not paying an absurd amount of money to cover potential losses.
A good homeowners insurance policy affords you a bevy of practical benefits that will help you establish more control as a homeowner and feel more comfortable with your purchase. Here are a few of those benefits.
You Can Fully Cover Your Home
While it’s said that you can insure your home at 80 or 90% of its value, one of the most profound benefits of homeowners insurance is that you can insure your home for the full value and cover every last detail in the home.
You can protect your main dwelling from significant loss caused by natural disasters or a house fire. Most homeowners insurance policies will cover major or minor damage, as well as total replacement costs.
Additionally, you can cover all of your detached structures on your property using the policy. These detached structures include:
- The Garage/Garages
- Fences
- Sheds
Typically, detached structures are covered up to 10% of your main dwelling’s coverage limit. You can always customize your insurance policy to include these structures.
You can also cover your appliances, electronics, furniture, and all your home’s contents with the policy. Should a covered event like a fire destroy part of your home, you can get back money partly or wholly, depending on what the policy stipulates.
Getting Coverage If You’re Displaced
Should you be forced out of your home for a while, a homeowners insurance policy will ensure that you’re safe anytime your home is being repaired or rebuilt.
These policies include additional living expenses, ensuring you’re reimbursed for any rent, hotel rooms, and other temporary expenses you had to pay while staying elsewhere. It also covers restaurant meals and other costs you spend until it’s safe to move back into your home. However, it should be noted that there are daily limits for these potential reimbursements, though the limits can increase if you’re willing to pay for more coverage.
You Get Liability Coverage
One major reason you can’t afford to be without homeowners insurance is that such a policy affords you liability coverage. If someone gets injured on your premises, for example, you may end up having to pay tens of thousands in medical costs if you are found liable. Homeowners insurance ensures that you won’t have to pay liability costs and will be protected from expensive lawsuits.
Homeowners insurance will make you feel at ease as you get crucial coverage in times of need. Talk to your Alpharetta Zen agent today about the types of homeowners insurance policies you should consider.