From the home itself to structures on the property (like a pool, barn or fence), and the items inside your home to living expenses incurred while repairs are made, home insurance coverage is a must.
But don’t purchase the first policy that comes your way, thinking all coverage is the same. It’s not.
Here’s a closer look at the standard options you have with home insurance:
- The home and structures. Need to repair your home? Rebuild? Fix the swimming pool after a storm? Dealing with the aftermath of a fire? This coverage can protect you from a host of events.
- Hotels and expenses. When your home is being repaired and is inhabitable, your home insurance policy will cover living expenses and hotel stays.
- Lawsuits. When property damage and injury occurs on your property, you could be liable. With home insurance, you’ll be protected if someone is injured on your property or you’re sued because you damaged someone else’s property.
- Your belongings. Inside your home, there’s probably a treasure-trove of valuables. These require protection, too. This kind of policy can cover appliances, clothing, tools, electronics, furniture and more. You can also purchase a separate policy for more expensive items, like art or jewelry.
When you’re looking at home insurance, consider these optional coverages:
- Guaranteed replacement cost.
- Inflation guard endorsement.
- Scheduled personal property endorsement.
- Increased limits on money and securities.
- Secondary residence premises endorsement.
- Watercraft endorsement.
- Theft coverage protection endorsement.
- Credit card forgery and depositors forgery coverage endorsement.
