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2013-05-24 11:14:03
Understanding home owner's insurance

     Out of the many questions that we are asked at the @Home Realty Network, one that we hear most often is 'What is homeowner's insurance and what does it cover?' This is an excellent question and there seems to be a common worry that we might find ourselves trapped in a home protection policy with inadequate coverage. To help dispel that fear, we wrote a blog post to help answer some frequently asked questions about homeowner's insurance.

What is home owners insurance? 

     According to Investopedia (An online encyclopedia that promotes investment education), homeowner's insurance is 'a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.'


Why is it important?

     We probably all can agree that sometimes life 'just happens'. Unfortunately we all experience setbacks along our journeys in life and often times these setbacks involve our homes and may put us in severe financial jeopardy. Whether it be a house fire, a break in, getting sued by someone who was seriously injured on our property or whatever else, homeowner's insurance will help us recover from these setbacks and will often times (depending on the policy) give us enough money to return to the same standard of living that we had before.

How much coverage do I need?

     The amount of coverage that you will need largely depends on the value of your home and the monetary worth of all of your valuables. Policies may begin at $100k but many experts suggest that a policy ensuring anywhere from $300k - $500k will meet the needs of most families. If you need more coverage than that, an umbrella policy can be purchased for a relatively low annual rate.

What will that protection cover?

     Before entering into a homeowner's insurance agreement, check and see what is and is not covered in the policy. Even though it might be a little overwhelming (And boring), we recommend reading the fine print in the agreement so there are no unexpected surprises.

     For a general rule, many homeowner's insurance policies will provide coverage for…

            Damage caused by fire.

            Someone getting injured on your property.

            Collapsed structures from heavy snow fall (This is especially important in the Cache Valley).

            Damage done by pets.

            Destroyed or stolen material possessions.

            Repairs needed due to vandalism.

What will it not cover?

     Some of the things that are typically not covered by homeowner's insurance are…

            Damage caused by earthquakes and floods.

            The cost of emotional or psychological support needed as the result of a peril.

            Damage caused due to homeowner's negligence or improper maintenance.

 

     Hopefully we have answered some questions that you may have had about homeowner's insurance and we hope that you now have a good foundation to find what policy best fits your needs. If you have any more specific questions about homeowner's insurance, please feel free to contact us and we will be happy to answer them! We understand that you likely have a lot of things on your plate as you prepare to buy your new home in the Cache Valley and we want to help out every step of the way!

 

Home Realty Logan Utah

 
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