If you do not buy Homeowner Insurance, then you risk yourself and your property. Protect not only your home, but also your assets in case of an accident. To clarify, I recommend you buy Homeowner Insurance. Buy as much as you can afford. If you wonder what Homeowner Insurance covers and why you need it, you are not alone.
What Is Homeowner Insurance?
Primarily, Homeowner Insurance is financial protection when your home is accidentally damaged. Most Home policies cover five areas in case of an accident:
- The inside of your home;
- The outside of your home;
- Theft of personal property;
- Garages, sheds and other buildings on your property; and
- A person’s injury on your property.
What Does Homeowner Insurance Cover?
In addition, Homeowner Insurance policies cover costs after events such as fires and storms. Some key items covered by most policies include:
- Your home’s foundation, walls, and roof;
- Barns, tool sheds, and fences;
- Appliances, electronics, and furniture damaged by a covered event;
- Medical bills for a personal injury on your property;
- Legal fees related to an accident or injury on your property;
- Additional expenses, such as hotel and meals if you are unable to live in your home after a covered event.
What Is Not Covered By Homeowner Insurance?
Many Homeowner policies have coverage limits. Most policies excludes residents. To put it another way, an injury to the owner and family is not covered. Read your policy carefully. For example, if you see your Home Insurance does not cover fire, ask your insurance company about fire coverage.
The Merdes Law Firm has been helping injured Alaskans for more than 30 years. It’s who we are. And while we hope you never need us … We’re here if you do. ~ Ward Merdes
This is part one of a four part series. See parts two, thee and four.
Sources: Chase; Lending Tree; Ward Merdes
Image Source: Fox Business
