Buying a home is a big investment. It can be a step toward financial security if well planned. Having the right insurance to protect your home and family is an important part of that process.
Understanding Coverage Options
A homeowners insurance policy is not a one size fits all instrument. It should be tailored to your home and personal situation. Coverage generally falls into one of three categories: liability, structural damage, and personal property.
When most people think of home insurance, they automatically picture the dwelling. That is an important part of your coverage. After all, fire or storm damage can lead to costly repairs or rebuilding. Outbuilding and the personal property within any buildings are also covered by your policy.
Liability insurance will cover legal and medical expenses if someone is injured on your property. Property features like a pool or trampoline can affect your liability rates.
Choosing the Right policy
The right policy will depend on the value of your home and possessions, the risks associated with its location and features, and how comfortable you are covering some loss. Features like excess value coverage, flood and water damage insurance and umbrella coverage can help round out areas that a standard policy does not cover.
Be sure to discuss your concerns with your insurance agent. They will help you design a package of coverage that fits your needs and your budget.