What Homeowners Need to Know About Insurance Coverage
Writer / Julie Yates
Photography Provided
Your home is likely the largest investment you will ever make. You work hard for all that you have, and you need to be protected in the event of a loss. A typical homeowner’s insurance policy protects the structure of your home and any other attached buildings. Usually the policy will include other structures on the property such as a fence or shed.
- A deductible is the amount of money you pay out of pocket before you receive money from your insurance company after filing a claim. An average deductible is usually around $1,000. The higher the deductible, the lower the cost of your insurance premium.
- A good policy will include personal property coverage if your belongings are destroyed after a “covered peril.” Perils are destructive events such as damage caused by theft, fire or pipes breaking, but this usually does not include flood damage. Make sure you know what is covered in your policy.
- If your home is uninhabitable while repairs are going on, policies usually include additional living expenses such as compensation for the cost of a hotel room and food.
- It is important that homeowners have medical and liability coverage. If someone hurts themselves on your property and sues you for damages, this will help pay your legal fees.
- A rider is a specific add-on to a homeowner’s insurance to insure something the average policy does not cover. At an additional cost, protection can be included for something such as an expensive piece of artwork, high-end bicycles or an engagement ring.
- If damage occurs to your home as the result of negligence of another party, a claim can be filed against them, and their insurance liability coverage will be used to restore your property.
- When an emergency arises, homeowners are often glad they have their policy with a local agency. It is better to be able to call and speak with a real person you know, rather than the 800 number of a corporate office.
For additional info, visit Gaffney Insurance Agency, located at 1732 South Washington Street in Kokomo, call 765-457-7558, or go to gaffneyinsurance.com.
