Homeowners Insurance Policies
No matter where you live, there is a potential for catastrophe. Coastal states are prone to experience hurricanes, mid-western locations have tornados, and the west coast has fires and earthquakes. Even if you manage to avoid those, personal trauma can happen anywhere no matter where you live. A homeowner needs coverage so they will be financially able to handle anything.
What does the policy cover?
An insurance policy for the home covers events such as fire, lightning strike, hail, frozen pipes, theft, vandalism and other natural disasters that might destroy the home. Obtaining the correct amount of coverage is important, or reimbursement might not be enough to replace your belongings.
Note that insurance for the home does not cover physical injuries or health issues. It also does not cover vehicles like boats, jet skis, motorcycles or automated vehicles. Insurance for the home provides coverage only on house and property damage.
This is not the time for guessing. In the event of a catastrophe, you will need enough money for replacing your possessions. To arrive at the best amount, you need an accurate record of how much your belongings are worth.
Take photos of everything you own that you will want to replace. Store the photos in a safe place, preferably not in the home. Perhaps in a safety deposit box at a bank or some other secure location. If you own a business or have access to a family or friends house, you may be able to keep the photos there. No matter where you put them, make sure to store them in a fireproof box.
Insurance companies sometimes offer policy discounts, which makes premiums more affordable. Making improvements to the home might result in a discount as well. For instance, security systems and products, fire sprinklers, hurricane-proof shutters and roofing products can sometimes be purchased at a discount, and might lower the premiums. Insurance for the home puts the policyholder at ease knowing they are financially protected in case of an emergency.