Your home is one of your greatest assets. Therefore regardless if your home is a house, townhouse, mobile home, apartment, or a personal condo, you need to protect your residence and your personal belongings inside with the right homeowner’s insurance policy. There is also coverage for landlords and renters available.

Generally, a standard homeowners insurance policy protects you from the following:

  • Damage to your home caused by lightening, wind, hail, fire or theft.
  • Damage to additional structures on your property (storage sheds, pools, etc.)
  • Your personal property and belongings inside your home, up to specified limits
  • Your liability or legal responsibility for any injuries and property damage that  you or your family members cause to other people, along with the costs of your legal defense.
  • Injuries to your household pets while inside your home.
  • Additional living expenses if a fire or other insured disaster leaves you temporarily unable to live in your home.

In addition, you can select optional homeowners insurance coverages at additional costs to include:

  • Higher limits of liability for property damage or bodily injury
  • Replacement cost for personal property
  • Protection for valuables (jewelry, watches, fur, etc.)
  • Additional coverage for electronics or computer equipment.

Homeowner’s insurance does not cover flood damage. Ground or surface water is also not covered and cannot be added to a homeowner’s policy. A separate flood insurance policy must be purchased for those types of coverage.

The back-up of sewer or drains is not automatically available on homeowner policies. This extra coverage might be available.

Deductibles are the amount of money a homeowner pays toward a loss before the insurance company starts to pay according to the terms of the policy. Deductibles on homeowners policies typically start at $250. By increasing the deductible to $500, $1,000, $2,500, or $5,000, can help reduce the cost of your premium as well as help prevent small claims that can increase your premium or cause the cancellation of your policy

Compare the limits in the policy with the value of the possessions in the home at least once a year in order to make sure that you have sufficient coverage.  Also videos and pictures will help you substantiate your claim in case of a loss.

Policies should cover any major purchases or additions to the contents of the home. Remember that additions to the physical structure of the home should be reported to your agent or insurance company for a reevaluation of the limits of your policy. In addition, review your contents which may require a special scheduling on your policy. Such items include jewelry, watches, furs and computers to name a few. If you have sold or given away special schedule items, they should be removed from your policy.