Carrying a comprehensive home insurance policy is a necessary part of responsible homeownership. This type of insurance protects you from financial devastation if anything were to happen to your home. Whether you're a first-time homebuyer or are shopping around for a new policy, it's normal to have questions about the process. Here are some of the most frequently asked questions about homeowners insurance. 

A Brief Guide to Homeowners Insurance

What does homeowners insurance cover?

Home insurance protects owners from the costs of unexpected emergencies and catastrophes. It provides financial resources for home repairs due to weather-related incidents and covers items stolen or damaged through theft and vandalism. A policy also typically includes expenses related to temporary housing in the event your home is severely damaged. Lastly, it can cover legal fees and medical bills for you and others who become injured on your property.

Why do I need it?

Although it's not required by law, there are several reasons to carry homeowners insurance. In addition to having peace of mind that your house and belongings are protected, mortgage lenders often require insurance to finalize your loan. Some areas of the country may require you to carry specific coverage related to the weather, like flooding, earthquakes, or wind.

Does homeowner's insurance cover my home office?

Your homeowners policy covers the belongings in your home, including any computer equipment and items you use to work or run a home-based business. However, it's likely that you'll need a more comprehensive business insurance policy to be completely protected. Business insurance policies include company-specific liability coverage in the event someone tries to sue you or claims a business-related injury. 

How do I choose the right policy?

Determining your family's specific needs is a key step in choosing the right home insurance policy. Knowing the worth of your valuables will help you set the right coverage limits. You should also know how much it would cost to repair or replace your home. Consider any unattached structures on your property, like a shed or garage, and determine whether or not they need to be covered under the policy. Don't forget to ask your agent about available bundles and discounts.

If you need assistance choosing the right home insurance policy, contact the experts at 1st Insurance Group in Tempe, AZ. This independent insurance agency works with today's most respected carriers and will make sure you're paired with a plan that fits your needs and budget. They'll also help you compare an existing policy to ensure you're getting the best rates available. For more information, visit them online or call (480) 883-9977 to request a free quote.