Homeowners cannot sit aloof without buying an insurance policy to cover their properties. But ignorance about what landlord insurance or homeowners insurance is all about and what to look out for in an insurance company’s offer makes many choose the wrong policy.
Sad to say, many find out they bought bad insurance for their homes years after. For others, failing to buy an insurance policy for their home remains a night mere when the unfortunate happens to their home or property.
The reality is that less than 10% of today’s homeowners would have the ability to rebuild their homes and replace the assets in such homes should a disaster occur.
Fire, demolition of such structures by law enforcement officers, and the taking over of your property by another leading to its demolition can break unimaginable shock and disappointment and even death if care is not taken.
This is one of the major reasons why it is always a prudent decision to buy a homeowner’s policy so that you can give a layer of protection and safeguard your life and all your investment in that house.
Before buying an insurance policy for your house, why not take time to do detailed window shopping, and compare the options out there on the insurance market?
Affordable homeowners insurance is good but if the insurance is cheap, yet it does not meet the basic needs of the home owner, it is better you look for a better policy to buy.
Homeowners insurance Vs coverage
Today, you do not need to travel around because right from your phone or the internet, you can get a homeowners quote online to start protecting your home.
Our research has revealed that over 50% of US homes are underinsured.
Professional insurers have advised that it is safer to insure your home to at least 100% of its estimated replacement cost. This means the minimum value of your insurance policy for your home must be capable of getting you the same house or facility in the event of a disaster.
What does a Standard homeowners insurance cover?
Your landlord insurance must be one that covers if not all the following, a greater number of them if you are to stay safe and make a decision to buy a home insurance policy.
This policy specifically takes care of damages that may occur or affect the house and permanent attachments such as the garage, roof, chimneys, attached deck, countertops, cabinets, and flooring which are part of the house.
Other structures that may be taken care of by the homeowner’s insurance include decks, patios, sheds, pergolas, fences, driveways etc which are also within the facility insured.
Personal possessions are also taken care of, depending on the insurer and the kind of policy you buy. You would agree that you and the entire family may leave in the house, and in some instances, you may have rented out the flat to someone else.
Whoever is in the house can have his or her possessions stolen, or they may be damaged. Items such as electronics, furniture, clothes, tools/power, and equipment may get insured as part of the policy.
Loss of use: This covers temporary living expenses
You’ll never be left homeless. If your home is damaged from a covered loss (meaning something homeowners insurance pays for) and you can’t stay there, loss of use covers hotel, rent, and food expenses above what you’d normally pay.
Covers lawsuits against you
If someone sues you or a family member you live with (for injuries or damage to their property), personal liability will pay for your lawyer, court fees, and certain damages you have to pay, subject to your policy.
Covers injuries on your property. Medical payments coverage pays for medical bills if someone else is hurt at your home or on your property.
Now that you know this, make sure you ask your would-be insurer questions regarding all the above before you make a choice. If the policy coverage takes care of the above then it will surely give you peace of mind.