Find the right insurance
Given all of the expenses that come with owning a home, it’s reasonable to wonder if homeowners insurance is just another seemingly useless expense. The answer is no, it’s not useless — in fact, homeowners insurance is essential. And though having homeowners insurance isn’t required by law, most mortgage lenders require you to have homeowners insurance in order to borrow money from them.
The purpose of homeowners insurance is to protect an individual’s property and home from various types of loss. Loss can occur from damage sustained by weather, which can include wind and hail that can result from storms. Loss can also occur from an injury that is suffered by another individual or visitor on a policyholder’s property.
Now that you know why you need it, let’s take a look at what it is you’re buying.
• Property coverage on a homeowners policy includes the building or dwelling, other structures on the property and the contents of a dwelling. Coverage for the dwelling will pay for damage that occurs to the exterior and interior of the home. Other structures include coverage for buildings on the property such as a garage or pole barn. Property coverage also includes the contents of a home or personal property such as electronics and furniture.
• Liability coverage on a homeowners policy typically consists of personal liability and medical payments. Coverage for personal liability includes protecting a policyholder when a visitor or guest is injured on the policyholder’s property. If a policyholder is sued for damages as a result of injury, a homeowners policy will pay legal costs. Payments are also made for medical expenses in case a visitor or guest has been injured on an insured person’s property.
• Most homeowners insurance policies provide coverage for replacement cost. The replacement cost is the amount it will cost to totally rebuild a home in the event of a loss. The replacement value of a home is different from the appraised value because the cost of building materials is included in the value. Replacement cost can be guaranteed on a policy or provided by an endorsement depending on a home’s age.
Our agents at Morris & Spradlin Insurance Group, will tailor your Homeowners Policy to ensure you have adequate coverage in place to rebuild your home and replace your contents. With our access to multiple Insurance Companies, we can provide different rate options and give you the flexibility to choose a coverage level that matches your needs and budget.
Most of our Insurance Companies provide many money-saving discounts such as; Multi-Policy Discount (when you include your auto), Claim Free Discount, Dwelling Age Discount, Home Buyers Discount, Renovation Discount (if roof is less than 10 years old).
At Morris & Spradlin Insurance Group, we are committed to making insurance easy to understand and easy to buy. Give us a call and let us assist you with providing Homeowners Insurance Coverage for your home.