Buying a house is a significant investment, and getting homeowners insurance protects the structure from harmful situations. Many mortgage lenders require you to have this form of insurance while paying off a home loan. Use this guide to learn why coverage is important and how to ensure the house is properly protected.

What’s Covered

Injuries

If a guest is harmed while on your property, the policy will cover their resulting medical bills. If you’re found liable for the accident, the insurance will also help pay for any legal fees.

Damage to the Home

If the home is made unlivable after a disaster, the policy will help pay for temporary living accommodations. A standard policy covers a variety of damage to the physical structure, including lightning strikes, fire, smoke, vandalism and theft, windstorms, hail, and water damage from burst pipes or heaters.

homeowners insuranceThe policy will also pay to replace personal belongings that were stolen or destroyed during the incident. This coverage typically extends to protect attached and unattached structures, like a deck, garage, fence, and shed.

Common Caveats for Home Policies

Damage Caused by Uncovered Causes

While a standard policy covers most disasters that can harm the home, earthquakes and floods typically aren’t included. If your area is at a high risk for these disasters, add supplemental coverage.

Most policies also don’t cover structural damage due to poor maintenance. For example, although it may appear that heavy snowfall collapsed the roof, forgoing professional maintenance for several years may have caused the area to rot, weaken, and be easy for the snow to take down.

Limits

Even if the damage is covered by insurance, policies will only pay up to a certain dollar amount. Assess your coverage at least once a year to ensure you have enough protection and financial support.

 

If you need to acquire homeowners insurance, turn to Quinn Agency, LLC, in Meadville, PA. This family-owned and -operated agency has provided residents with a wide selection of insurance products for over 25 years. Get more information about their policies online, or call (814) 337-2766 to request a quote.