What Exactly Is Homeowner’s Insurance For?

The process of buying a home can be quite lengthy and exhausting, so by the time they’re done many buyers don’t even have the time to look into homeowner’s insurance and just end up purchasing it as a recommendation. In fact, many people don’t even know exactly what homeowner’s insurance does or what the purpose of having it is.

Homeowner’s insurance covers damage to your home. This can include damage caused by theft, fire, and certain natural disasters. It often does not cover floods and earthquakes, but you should read the policy to find out what is covered. You will also be covered in the event that someone becomes injured in your home.

While you may never need to use your homeowner’s insurance, having a policy could end up saving you thousands of dollars. If your home sustains damage that should be covered under your policy, you should contact the insurance company as soon as possible and file a claim. They will send an adjuster to your home to assess the damage and then the company will pay you a sum of money so you can repair the damage.

Many lenders require you to purchase homeowner’s insurance so you might not have a choice. You do have a choice in which company or type of policy you go with. Homeowner’s insurance can also protect your home against vandalism, storm damage, and more. The policy will pay to repair or rebuild the structure of your home, but it won’t pay for damage caused by carelessness or routine wear and tear.

Your personal items like furniture, clothing, and electronics are also covered in the event they are damaged or stolen. It’s recommended that you conduct a home inventory including receipts in the event that you do need to file a claim. Adding certain products like storm protection windows and doors to your home could actually lower your homeowner’s insurance premiums. For more information, contact Storm Smart at 239-274-2700.