Now that you're starting the rewarding journey of owning your own home, you must consider home insurance. There are many different insurance providers and policies, so insurance can be overwhelming, but if you need a little help, check out these three frequently asked questions so you can be fully prepared when shopping for a policy.
Is Maintenance Covered?
One thing people like about renting is it's the landlord or property manager's responsibility to handle repairs and do maintenance. However, once you own the home, it all falls on you, and maintenance is not typically covered by insurance. Insurance is designed to cover sudden disasters, not problems that could have been avoided. For example, if your roof is old and needs to be replaced, it's not usually covered. Roof care, including getting a new roof when it's time, is part of maintenance. If a sudden storm broke the roof, however, that may be covered because you couldn't have avoided it.
Is a Peril Policy The Best Choice?
You'll need to talk to your agent about peril and non-peril policies so you can choose the right one. If you have a peril policy, everything that is covered is listed in the policy. If you have a non-peril policy, everything that is not listed is covered. A peril policy is for people who live in areas that see lots of specific types of disasters like hurricanes. This is because these types of disasters aren't covered under a non-peril policy. Non-peril policies just cover the basics, which is great if you live in an area with no major weather problems.
What If Someone Is Injured on the Property?
Another reason homeowners insurance is important is that it protects you if someone is injured on your property. Imagine, you invite someone over, and they hurt themselves on your broken porch. They could sue you, and if you don't have insurance, you're responsible for the legal fees and medical costs. Homeowners insurance, however, usually comes with some personal injury coverage, but talk with your agent to find out if you may need extra protection.
It's not just your home; it's an investment. You should protect that investment with a good homeowners insurance policy that will protect you and your home. For more information regarding different types of home polices and coverage, contact an insurance agency in your area today and ask to talk to an agent.