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Homeowners Insurance

3 Benefits of a Homeowners Insurance Policy

Plenty of things can go wrong when you own a home. No one wants bad things to happen, but it’s best to prepare just in case. Homeowners insurance makes it easier to recover when mishaps occur in your home. Here are 3 benefits of having this type of policy.

1. You Receive Compensation for Covered Events
Your policy will help you repair or replace items in your home following a mishap. For example, a fire might destroy your kitchen. Since fire is generally a covered event, that means your insurer will help you repair and replace the kitchen. Your policy will have limits, but getting help from your insurer beats paying for everyone on your own.

2. Liability is Included in Your Policy
Someone could get injured while visiting your home. They might fall down the stairs and break a leg. Or your dog might get aggravated and bite your visitor. In either case, it’s possible that you’ll be found liable for their injuries. If that happens, your insurer will help you with the related expenses. As long as you have enough liability coverage to cover the expense, you won’t have to pay out of pocket.

3. Personal Property is Covered
If a thief breaks into your home, your insurer will compensate you to repair or replace stolen or damaged items. An actual cash value policy will pay you the actual value of the stolen or damaged item. This option figures in depreciation when determining the value. And a replacement cost policy will pay you what it costs to replace your item at its current value.

Coverage Exceptions

Not all types of mishaps are covered by homeowners insurance. You’ll need a separate policy or rider for incidents such as earthquakes and floods. But most other incidents, such as fires, natural disasters, vandalism, and theft are all covered.