5 Things Your Home Insurance Needs to Cover
There are many pitfalls when it comes to buying a home. Coverage should include all of these vital needs, but some insurance companies do not tell prospective buyers that, and when a disaster hits, the customer often finds himself or herself without coverage he or she needs. So, as with any important purchase, the consumer needs to do his homework and cover all of his or her bases. This article should help the person with that research.
- Liability: Another often overlooked coverage is liability. People do not think about what can happen if a person falls or injures themselves while on the homeowner’s property. This damage does not always pertain to people either. Most insurance companies do consider hail to be a homeowner’s fault, but flying debris such as lawn chairs, foliage, or anything else that the homeowner owns can be part of liability responsibility. A slick sidewalk, broken steps or anything else that causes harm to a person must be covered in the liability insurance. In some cases, liability also covers when a pet dog or cat causes harm to a visitor. Read your liability clause carefully.
- Mortgage and Value: How can a person determine how much coverage they need for their home? There are five aspects to look at: 1) The type of home you live in — if it is brick or wood. 2) The value of your home. 3) The value of all of your property. 4) If the home is mortgaged, the customer needs consider taking out enough insurance to pay off the mortgage and still have enough leftover to start to rebuild while a new mortgage can be set up or simply pay off the new home clearly. 5) One large issue is your financial status and whether or not you can afford the insurance you want.
- Fire: Fire damage is one of the most costly and most common ways for your home to be destroyed. A wild fire or another house burning nearby can cause your own home to catch fire.
- Weather Damage: Weather damage has also been mentioned but there is no place totally safe from every natural weather disaster so the insurance policy must cover this aspect as well.
- Theft: Theft damage must also be addressed by the insurance policy. Home break-ins are on the rise and anyone can be a victim to a burglar. Your home is not just the place you live in, but it holds valuable things, regardless if they have high monetary value or deeply sentimental value. During home invasions, thieves covet items such as furniture, appliances, and technological equipment such as televisions, stereos, computers, and other things like cell phones and other handheld devices. Jewelry, art, bonds, or valuable clothing, which could include fur coats and designer clothes, are also targeted by thieves.