There are many practical benefits of acquiring homeowner’s insurance. A house is an important asset, and it’s on you to make sure it is secure. Unlike other insurance policies such as auto insurance, getting home insurance is not compulsory by law. However, it is still very important for homeowners. It can protect you from property damage, damage to belongings, and injuries sustained by visitors. Bill Schantz discusses the benefits of homeowner’s insurance in detail below.
Protection of Dwelling
Bill Schantz affirms the pain purpose of buying homeowners insurance is to protect your main home, where you live. Your home could be completely damaged due to fire or perhaps a natural disaster such as a hurricane or tornado. Homeowner’s insurance covers minor, major, and even total replacement costs. It’s best to insure your house to 100% of its value but insuring 80% or 90% is also pretty standard.
Liability Coverage
Liability insurance does not cover damage to property or injuries to household residents. Instead, it is supposed to protect from expensive lawsuits that cause harm to an outsider—for example, a dog bite injury suffered by a visitor. If someone gets injured on your premises, you will have to pay thousands of dollars or perhaps be held liable. Liability coverage protects you from this. If there are legal expenses, the homeowner insurance will cover them.
Coverage for Belongings
All your belongings will be part of the deal when acquiring homeowner’s insurance. These belongings include appliances, furniture, and other personal property. In case of damage to your property, your insurance policy will provide coverage. For example, if your property is damaged, let’s say, by a storm, your insurance company will reimburse you either partly or completely, depending on the policy you have chosen. Your belongings could be damaged due to any catastrophe such as theft, fire, or natural disasters.
Coverage of Living Costs
If your home is damaged due to an accident, your insurance policy will also cover your living costs until your home is repaired, which typically includes moving to a lodge or hotel till the repairs are complete.
Coverage of Other Structures
Bill Schantz believes insurance for other structures is also important. This helps you pay for repairs or replacements to structures surrounding your property, including a shed, a fence, a dog house, a garage, or any other property. Detached structures usually take up 10% of your coverage limit. But you always customize your policy if you want more coverage for detached structures.
Bill Schantz’s Final Thoughts
Bill Schantz firmly believes anyone invested in a home should acquire home insurance. Why not secure it through insurance when you have invested so much capital, hard work, and emotion in a home? When getting home insurance, make sure you do your research and get the right coverage. Usually, good insurance companies offer customizable plans to homeowners, tenants, and housing societies. Your goal is to get the maximum coverage while paying an economic premium. Make sure you are well aware of the policy’s terms and conditions before purchasing.