Homeowners Insurance, or home insurance, provides you with financial coverage against losses related to your home. Every homeowner’s insurance policy is different, but there are some standard commonalities that you’ll find in every policy.
What is Homeowner’s Insurance?
Homeowner’s insurance is a type of insurance that is intended to cover your home and the assets within your home from damage or accidents. Homeowners insurance is required by all lenders, meaning you need to have a plan for homeowner’s insurance before you move into your home. If you plan to purchase a home outright or have complete ownership, you don’t technically need homeowners insurance, but it’s highly recommended.
What Does Homeowners Insurance Cover?
There are four main areas of coverage in homeowners insurance that work together to give you and your home complete coverage.
Dwelling Coverage: A portion of your policy that covers the structure of your home. This coverage is there to repair or rebuild your home in the event of a covered loss, which can include perils such as fire or hail.
Personal Property Coverage: If your home is broken into, damaged, or destroyed, your homeowner’s insurance policy can cover the cost of your personal belongings, including clothing and furniture. It’s crucial to assess the average value of your belongings and ensure that you have sufficient coverage for them. High-value items and collectibles should have individual property coverages, as well.
Liability Protection: This protection covers you and your family against injury or damage that you may cause other people. For example, suppose your kids destroy a neighbor’s expensive landscaping. In that case, liability protection can cover you and your family against costs and legal action that a neighbor may take against you for the damage. This coverage can also provide protection to you if someone is injured on your property. For example, if a water hose is accidentally left out, and the mailman or delivery driver trips over it and breaks their arm, your liability coverage is there to pay for their medical bills, so you don’t have to pay them out of your own pocket.
Additional Living Expenses (ALE) Coverage: In unfortunate circumstances, people get displaced from their homes. If this happens because of a covered claim, ALE will cover your costs while living away from home.
How Much is Homeowners Insurance?
The cost of your homeowner’s insurance policy will depend on a few things, including the square footage and finishes of your home, your location, and the average value of your personal belongings. If you need a homeowners insurance quote, please get in touch with us today so we can help you!
How Can I Get Homeowners Insurance?
The first step in getting homeowners insurance is getting a quote. As we have mentioned, there are different types of coverage, so it’s important that you set up a meeting with one of our Denver insurance agents so we can walk through your needs and ensure we get you the best, most accurate quote available.
If you are buying a home or looking to adjust your current homeowner’s insurance, then contact us today, so we can get you the best home insurance available!
