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Home Insurance Overview
When shopping for a home, one of the many important steps you’ll have to consider is purchasing homeowners insurance. Not only does having the right home insurance help protect your expensive investment, but many states often require it as a condition of owning a home.
Homeowners insurance can safeguard your home and possessions when unexpected damage happens and can also help pay for restoration or repairs. The right coverage can help ease financial stress associated with damage or losses, offering valuable peace of mind when you need it most. We save customers an average of $693 per year on auto and home insurance—contact us today to learn how you can save.
Things Homeowners Insurance May Protect You From
Dealing with unexpected losses or damage is the last thing any homeowner wants to experience. Luckily, homeowners insurance provides much-needed protection in a variety of scenarios. The right coverage can help protect you in events like:
- Water damage
- Fallen tree(s)
- Damage from weather
- Leaking, frozen, or burst pipes
- Fire
- Theft
- Personal injury occurring on your property
- Water damage
- Fallen tree(s)
- Damage from weather
- Leaking, frozen, or burst pipes
- Fire
- Theft
- Personal injury occurring on your property
What does a homeowners policy cover?
There are different types of homeowners insurance policies to protect you, your home and your possessions from unexpected damage or loss.
Basic Types of Home Insurance
Dwelling
Dwelling coverage helps protect the structure of your home, including its walls, roof, and windows. It can also cover garages and other detached structures on your property.
Personal Property Coverage
Personal property insurance coverage offers protection for belongings kept within your residence or on your property, such as furniture, electronics, clothing and housewares, if they are damaged or destroyed by a covered peril.
Personal Liability
Personal liability insurance offers protection in the event an accident occurring inside or outside your home results in injury or property damage, and you are found legally responsible
Loss of Use and Additional Living Expenses
This type of coverage will pay for costs like lodging, meals, animal boarding, and other expenses if your home is uninhabitable due to damage or loss from a covered event, like a natural disaster.
Guest Medical Protection
This covers medical expenses for any guests who are injured while on your property, regardless of fault.
Home Insurance Deductibles and Limits
When reviewing your coverage details, it’s important to know your deductible and coverage limits. Your home insurance deductible is the amount you pay out of pocket before your policy’s coverage kicks in. Typically, insurance carriers consider those who are willing to pay a higher deductible less risky to insure. Therefore, paying for a higher deductible upfront could lower your monthly premiums.
Your home insurance coverage limit, or the amount of homeowners insurance you buy, starts with your dwelling coverage. From there, the limits for the other standard coverages in your homeowner’s policy, like personal property coverage or liability coverage, are typically calculated as percentages of your dwelling limit.
Common Home Insurance Questions
Q: What does a home insurance policy NOT cover?
A: While homeowners insurance differs from state to state and person to person, damage from natural disasters such as earthquakes and floods is typically not covered without additional specialty coverage. There are a number of other cases your home insurance might not cover, in which we’d recommend looking into an add-on for your existing policy. Learn more about where there are gaps in your insurance and how your policy might be affected by the region you live in.
Q: Do I qualify for any home insurance discounts?
A: There’s a good chance you qualify for discounts. A few examples include bundling auto and home insurance, maintaining long-time loyalty to a carrier, having a history of low or no claims, choosing a higher deductible, or paying in one lump sum. Learn more about your opportunity for discounts.
Q: How do I get homeowners insurance?
A: There are many types of home insurance, so it’s crucial to shop around. At SelectQuote, we’ll do it for you in just minutes and can provide an unbiased price comparison from a variety of trusted home insurance companies.
