Your home is likely the largest investment you will make. It holds all your memories, your belongings and protects your family. It’s a treasured possession and needs extra care when being insured.
Homeowners insurance protects you, as a homeowner, against loss from theft, fire, storms, and other things that can cause damage to your home and your property. What homeowners insurance protects against (or "covers") is stated in your written insurance policy. Most policies — but not all — cover your home and the personal property in your home, such as furniture, appliances and clothing.
Most homeowners insurance policies cover medical payments and any money that you would have to pay if someone got hurt while on your property.
What does a homeowners insurance policy cover?
Most policies cover loss and damage due to:
- Damage from vandalism
- Smoke damage
- Storm damage
Most policies do not cover:
- Damage by floods
- Earthquake damage
- Termite or other insect damage
- Loss from normal use of your home or property
The monetary amount you've insured your home for is the most important number to consider. For example, if your home is insured for $100,000, this is the most you will be able to get from the insurance company if your home is destroyed. The amount of coverage on your home is listed on the first page of your insurance policy, called the "Declarations Page". Make sure your total coverage is enough to rebuild your home if it is totally destroyed.
If a fire destroys your home, your homeowners policy will also pay for your loss of personal property, such as furniture and appliances.
To make sure you get the right amount of coverage, make a list of all of the belongings in your home and how much they are each worth.
Write down the serial numbers of all electronics and technology
Take pictures of each item to keep on file
Store them in the cloud if possible
If you don't have cloud storage, keep the list and photos off your property and somewhere that you consider to be safe
A bank safety deposit box is a good secure location
It’s a lot to think about and to prepare for, but it’s well worth the effort! Even if you think you’ve checked off every box and that all your possessions are adequately covered, it’s a good idea to have your policy reviewed and updated annually.
Call us for a review and assessment 1-800-251-0762. We’re here to help!