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Whether you’re a first-time home buyer or a longtime homeowner, you might be wondering how you can protect your home. Some people choose to rely on emergency funds or the sheer hope that nothing bad will happen to them and their home. But given the fact that life is full of accidents and unexpected events, investing in home insurance is the best option to offer you all the protections you never knew you might need. 

Property Coverage

Woman in yellow pointing on paper with pen while holding small yellow house figureProperty coverage, the main segment of home insurance, covers much more than you might think. Standard home insurance plans offer property coverage not only for your home, but also for other structures on your property, personal belongings, and more. Let’s take a closer look at what “property” really means when it comes to what it covers.

Dwelling Coverage

Your dwelling refers to the physical structure of your actual home and any attached structures you might have, like a garage. Unexpected events involving fire or smoke, powerful winds, lightning strikes, hail, or vandalism can happen at any time without any warning, so it is important that these structures are protected with home insurance. Dwelling coverage can help pay to rebuild or repair any of these damages. And based on your home’s needs, most insurance plans can be adjusted to protect you from more specific risks.

Other Structures

You might be wondering whether home insurance can help pay for damage to other structures on your property. Luckily, most standard coverage extends to other physical structures like sheds, fences, or detached garages. 

Personal Property

So now you know that home insurance covers damages to structures on your property. But what about what’s inside your home? You already might protect you and your family with life insurance and medical insurance, but how will you know if you can protect your belongings in the same way? Luckily, personal property coverage can help pay you money to replace stolen or damaged items such as furniture, appliances, electronics, clothes, and even toys. So if your couch gets burned from a fire, or if your diamond necklace gets stolen during a robbery, you can rest assured that your home insurance will cover the valued cost of replacing it. 

Loss of Use

Man in suit reviewing papers with young couple

It is good to know that when disaster strikes, the physical aspects of your home and what’s inside it are covered by home insurance. But what’s just as important to think about are the additional expenses you might have to pay when you’ve lost the use of your home. This aspect of property coverage is known as “loss of use”, and it can help take care of accommodations needed when you can’t use your home. For example, if your home is no longer safe to stay in, due to fire or tornado damage, loss of use coverage can help you pay for hotel stays while you figure out new living arrangements.

Liability Coverage

Liability coverage, another facet of home insurance, covers expenses and medical payments when you are liable for someone else’s injury or property damage to others. This means that when you invite a guest to your property and they happen to get injured, you won’t have to pay directly out of pocket for their medical bills, their lost wages during the time they were injured, or your legal expenses if they choose to sue you. Additionally, liability coverage will help you pay for costs if you accidentally damage someone else’s property.

Mortgages and Insurance

So far, you might be thinking of all the benefits you can get from investing in home insurance. But surprisingly, you and your guests aren’t the only ones who benefit from this decision! If you are a homeowner or thinking of buying a home, chances are you might also be applying for a mortgage. An uninsured home can be a deal breaker for mortgage applications because lenders only want to invest in homes that are protected if any damages were to happen. Because banks and lenders put up high percentages of money into homes, they need to know that their money is secured with insurance.

Learn more about Home Insurance 

Are you interested in learning more about how to protect your home and cover damages? Home & Auto Resources can help you navigate the financial burdens of life’s accidents and unexpected events. Give us a call at (888) 535-2762, or visit our website to learn more about home insurance and all the insurance  plans we offer.


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