If you are thinking about purchasing a home, one thing that you’ll need to consider is homeowners insurance. Just like when you drive a car off the lot, you’ll need to have insurance on the car. Before you finance a mortgage, you’ll need insurance on your home as well.
Most policies cover four types of damage:
-Interior damage: This type of homeowners insurance covers anything that needs to be fixed or repaired inside the home.
-Exterior damage: This type of homeowners insurances covers anything that needs to be fixed or repaired outside of your home.
-Loss or damage of personal items: This type of homeowners insurance covers you in the case your items get stolen or damaged in an incident.
-Liability: This type of insurance covers you in the case that someone is injured on your property.
Why You Need It
Homeowners insurance is not only good for natural disasters or floods, it can cover various other things that you may not even consider. Of course, this depends on the type of coverage you have, just the same way coverage changes with car insurance.
Typically, your basic policy will cover to pay for the repairs that are needed if your home were to be damaged by something such as a fire or hurricane. Other such disasters, which are typically out of your control, should be listed in your individual policy.
You’ll also want to make sure your policy can cover the cost to rebuild your home should it be completely lost in a disaster.
It’s important to have homeowners insurance because not only does it protect you in the case of structural damage, but it can also be used to cover damages to your personal belongings. For example, if you have a closet full of nice dresses or coats, and a fire were to ruin those items, those items are covered. This will of course depend if the type of disaster is covered.
The basic type of insurance in most cases is liability. It is similar to liability insurance with vehicles. If someone happens to sustain an injury on your property or if you cause damage to property, liability will pay for those damages or cover the medical expenses associated with their injuries.
Don’t Wait to Reach Out
Although you cannot predict what events may happen that involve your home, you can do whatever possible to keep those that live there, and your guests protected in the event that something happens outside of your control. Keeping you and your items safe is a job that Willoughby Insurance based out of Buffalo, NY has been doing for years, and we can’t wait to do the same for you.