Homeowners insurance protects you against fire, water damage from sudden accidental leaks, hail, theft, vandalism, and many other disasters. Chose from several companies!
Home owners insurance covers many perils. Some policies spell out what is covered. Some only list the exceptions (events not covered). Few people actually read their policies. So ask the professionals at Cardon insurance to go over the policy details with you.
What is a homeowners insurance policy?
Basicly, a homeowners insurance policy is an agreement. You agree to pay the premiums on time and the insurance company agrees to pay for any covered loss. You also agree to maintain the home and to mitigate or act to limit continuing damages. Examples of mitigation include calling the fire department for a fire, or shutting off the water and calling a restoration company to prevent mold and further water damage.
The homeowners policy covers “the structure”, “the contents”, and liability.
The structure refers to the building itself and outbuildings like a shed or garage. It also covers things attached to the structure like plumbing fixtures, flooring, cabinets, and chandeliers.
Contents are your personal property. Items like clothing, appliances, electronics, and furniture. Basically everything you own “not nailed down”. Some policies will pay replacement value. That means will pay you enough to buy like kind and quality of an item that cannot be restored. An Actual Cash Value (ACV) policy will only pay what a similar used item would cost. ACV policies are cheaper but pay less during a claim.
The contents portion of your homeowners insurance may extend to items in your car or take on vacation.
Liability coverage of your homelowners insurance policy protects you financially if you get sued. Examples: someone trips, the dog bites someone, a tree in the yard falls damaging the neighbors roof. Without coverage you pay out of pocket!
Lenders require you to protect the home until the mortgage is paid. It is usually part of the monthly payment. When you pay off your home, make sure that you buy your own homeowners insurance. Cardon can shop the many companies they offer to find the best value for you.