Check out the personal property insurance you need to keep yourself protected.
A homeowners insurance policy is personal property insurance you need to keep your home and finances safe. In the event of a natural disaster, theft, or liability lawsuit, homeowners can fall back on their policy to cover hefty expenses.
Before you buy the cheapest homeowners insurance policy that you see online, it’s important to know the essential property insurance you need to keep safe! Check out these coverages that will best keep your finances in your wallet and your home protected.
- Coverage for damage to the house: This part of a policy pays to repair or rebuild a home if it’s damaged or destroyed by fire, hurricane, hail, lightning, or another listed peril in the policy. It won’t pay for damage caused by a flood or earthquake – but these two policies can be purchased separately.
- Coverage for personal property: Everything from furniture to clothes to sports equipment and other personal items are covered if they’re stolen or destroyed by a covered disaster. Trees, plants, and shrubs are also protected under standard homeowners insurance should they face fire, lightning, explosion, vandalism, and even falling aircraft. Personal items of high value are often excluded from this coverage (such as jewelry, furs, silverware) and will need a rider to protect their entire worth.
- Personal liability protection: Liability covers against lawsuits for bodily injury or property damage that policyholders or family members cause to other people. It can pay for the cost of defending the policyholder in court, up to the policy limit. An umbrella insurance policy provides broader coverage, including claims for libel and slander, as well as higher liability limits.
- Additional living expenses: This pays the additional costs of living away from home while it is being repaired due to a fire, storm, or another listed disaster. This coverage can foot the bill for hotel rooms, restaurant meals, and other living expenses while the home is uninhabitable.