How Does Homeowners Insurance Work?
The Brimberry Agency has the lowdown on homeowner’s insurance!
Homeowners insurance coverage is used to repair or rebuild your home after events like fire, theft, vandalism, or damage caused by inclement weather such as lightning, wind, or hail. Most standard homeowners insurance policies cover clothing,furniture, or other family possessions, too. Here’s a breakdown of how homeowner’s insurance works.
What’s Included?
Many standard policies will also provide coverage for outbuildings on your property, such as a garage, barns, or sheds. In some cases, outdoor grills or fireplaces, swing sets, walls, and fences can also be covered. You may also be able to include a swimming pool or other recreational equipment, but high-risk items like these may require additional coverage.
What’s Not Included?
Additional items that insurance companies may not include in a standard policy are artwork, jewelry, or other collectibles worth more than standard coverage allowances. This is one reason it’s essential to read and understand the limits of any policy you’re considering and purchase additional coverage when necessary. If you have trouble understanding what is or isn’t included in your policy, be sure to seek clarity from your insurance agency or representative to comprehend your policy altogether.
What About Flooding and Earthquake Coverage?
Most standard home insurance policies don't include earthquake and flood coverage. These types of coverage are usually available at extra cost, but not all insurers may offer them in all areas. If your homeowner’s insurance company doesn’t provide flood insurance, try to apply for coverage through the National Flood Insurance Program, which FEMA manages.
How Much Home Insurance Should I Buy?
The general theory behind home insurance is to make sure you buy enough coverage to replace your home and things within it and cover additional living expenses if you have to move out. Be honest in your assessments and make sure that any policy you consider is sufficient.
Homeowner’s insurance is a different form of property insurance that protects a policyholder’s home from losses to the physical house itself or possessions within the home. With the Brimberry Agency, we take the time to help you understand your policy fully and completely, so the protection you need is the protection you get.