Homeowners Insurance

Your home is more than just a place to live; it’s a sanctuary where memories are made and cherished possessions are kept safe. However, owning a home also means shouldering the responsibility of protecting it from various risks that life can throw your way. Whether you’re a first-time homeowner or looking to revisit your insurance policy, understanding the ins and outs of homeowners insurance is essential for safeguarding your home and everything you hold dear. 

What Does Homeowners Insurance Cover? 

The following are some common areas that homeowners insurance policies typically cover: 

• Dwelling coverage may help cover the structure of your home itself, including the walls, roof, foundation and other built-in structures, in case of damage or destruction caused by covered perils.
• Other structures coverage helps provide insurance for additional structures on your property that are not physically connected to your main dwelling. These may include detached garages, sheds, fences and other standalone structures.
• Personal property coverage may help cover your personal belongings, including furniture, appliances, clothing, electronics and other items, in case of damage, theft or loss.
• Liability coverage may help provide protection if someone is injured on your property or if you cause damage to someone else’s property. It may cover medical expenses, legal fees and potential lawsuits up to the policy’s limit.
• Additional living expenses may help cover the costs of temporary accommodations, meals and other essential living expenses incurred while your residence is temporarily uninhabitable. 

It’s important to note that coverage limits, deductibles and specific perils covered vary depending on the insurance policy and the insurance provider.  

How Do Homeowners Insurance Claims Work? 

Insurance carriers have different approaches to handling claims, but the general course of action typically involves several key steps. First and foremost, you must promptly report your claim to the insurance company. You will then collaborate with your insurer, thoroughly reviewing the extent of damages incurred and assessing the situation. To facilitate the claims process, you must document all losses, providing comprehensive details to support your claim. In cases where immediate repairs are necessary to safeguard your property from further harm or temporary relocation becomes imperative, retaining receipts is crucial for potential reimbursement. Ultimately, once the claim is evaluated and processed per your policy’s terms, you will receive the appropriate payment to recover your losses. 

How Much Homeowners Insurance Do I Need? 

The amount of homeowners insurance you need varies depending on the details of your home, property, location and preferences. When determining your home insurance coverage, consider the following: 

• Rebuilding costs
• Unique features that would be difficult to replace or repair
• The value of your belongings
• Liability insurance needs 
• The age of the home
• Additional structures on your property
• The susceptibility of your home to certain weather events (e.g., floods or hurricanes) 

If you need a homeowners insurance policy or want to evaluate whether your coverage is adequate, contact the Maranatha Tax & Insurance Agency team. We can help make sure you have the right coverage for your property.