Homeowners Insurance Information

Because everyone’s needs are different, it is best to consult with your agent to help assess your needs and find the insurance policy that is right for you.

What is homeowners insurance?

Homeowners insurance provides financial protection against certain disasters and unexpected events. A standard policy typically insures the home itself, as well as the belongings you keep inside it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability, or legal responsibility, for certain injuries and property damage that you or members of your family may cause to others. This may also include certain damage caused by household pets.

Damage caused by many disasters may be covered, but there are exceptions. Some of the most significant exclusions may include damage caused by floods, earthquakes, and poor maintenance. Separate policies may be required for flood and earthquake coverage. Maintenance-related problems are generally the homeowner’s responsibility.

Why do you need homeowners insurance?

Homeowners insurance is about protecting yourself financially if something unexpected happens to your home or personal belongings. This is especially important because your home is likely one of your largest investments.

• If your home is destroyed by fire or damaged by a covered natural disaster, you may need financial assistance to repair or replace it.

• If a guest in your home is injured, liability protection and medical coverage may help pay certain expenses.

• If you are a victim of theft or vandalism, your policy may help reimburse you for covered losses or repairs.

• If you are still paying for your home, your lender will generally require homeowners insurance.

It is important to understand that homeowners insurance is designed to cover unexpected damage, not routine maintenance. Ask your agent about what is covered, and be sure to review your policy carefully so you understand exactly what is included and what is not.

Things to Consider and Questions to Ask Your Agent

Here are a few important things to discuss with your agent that may influence your decisions:

• How much would it cost to rebuild my house and replace my belongings if they were damaged or destroyed? Ask your agent to review your home’s features and the things you own so you can make an informed decision about coverage.

• Does the insurance company have a good reputation for customer service? Is it known for handling and paying claims fairly and promptly?

• What discounts are available? Ask about multi-policy, security system, fire-resistance, and other available discounts.

• What is the process for filing and settling a claim? Ask who you should contact and what happens after you file a claim.

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