Homeowners insurance covers loss due to accidental events at the residence you own.
Personal Property Coverage
Your homeowners policy covers personal property, up to a certain value, if belongings are damaged or destroyed such as clothing, electronics and furniture.
When thinking about coverage limits for personal belongings, think if you lost everything in the residence, how much would it cost to replace? In case of a claims situation, it is important to document all of your personal items and create a home inventory with pictures to be prepared. All homeowners should know: Replacement Cost vs. Actual Cash Value.
Liability is also covered up to specified limits. For example, if someone would fall down your stairs and injure themselves you could be held responsible if found liable.
Additional property is also covered on structures other than you home. Typically, anything that is attached to the residence is included in the coverage limits. For example, an attached garage would be covered.
Homeowners equipment breakdown is also something to consider. Everything breaks down eventually. Systems you rely on, like your water heater, air conditioning, refrigerator, even your new flat-panel HD monitor, are susceptible to mechanical and electrical failures. If you’re not protected, repairing or replacing this critical equipment can cost a fortune.
In addition to homeowners insurance, don’t forget about umbrella coverage. Umbrella insurance can provide additional protection above the limits of your homeowners insurance.
The types of damage that homeowners insurance covers are variable so it’s best to talk with your local agent. Common incidents may include fire, lightning or hail. Learn more about Rural Mutual’s available home insurance coverages.
What affects my home and auto insurance rates?
When it comes to insurance rates, whether home, auto or otherwise, there are factors you can and cannot control. Knowing what goes into the insurance rate equation can help you work on lowering yours. Learn more!
Not a homeowner? Learn more about renters insurance.
Author: Blake Frederick, Sales Trainer at Rural Mutual Insurance Company