Attention homeowners, soon-to-be-homeowners, or those exploring the possibility of homeownership! Your home is most likely your most valuable asset and you need to protect it!
The best way to protect your home is with a homeowners policy. A homeowners policy should cover six things: the dwelling, other structures, personal property, loss of use, liability, and medical payments.
The first coverage on the policy is for your home itself! This will cover you from all perils EXCEPT the ones specifically listed. The exclusions on your property typically consist of floods, earthquakes, and mudslides.
The next coverage is for other structures such as a detached garage, shed, or barn.
The third is your personal property. This covers everything you own that is in your home and other buildings.
Next is the loss of use. If you ever find yourself in a situation where you need to use your homeowner's insurance and you are displaced from your home, your policy pays for you to stay somewhere else during that time.
Liability coverage is also included. This helps protect you against lawsuits for property damage or bodily injury. An example could be where a neighbor slips on your icy sidewalk and files a lawsuit against you. Your policy will help pay, up to the limit, the injured party’s medical bills, legal fees, and any damages awarded to them. Industry experts recommend at least $300,000 to $500,000 for adequate protection.
The last thing the policy will cover is medical payments. This covers small expenses related to an injury that occurs on your property.
There are many other things to consider when it comes to your homeowner's coverage. If you built an addition onto your home or added a new barn/detached garage, make sure to review these changes with an independent agent, such as Friedrich Insurance. Personal property is another area to review with an agent. A policy will only pay up to a certain limit on certain items. This includes items like firearms, jewelry, fur coats, fine art, money, and securities. If you have any of these items, you can easily add them to your homeowner's policy. Other types of personal property that are not covered under a homeowners policy would be ATVs, boats, motorcycles, golf carts, gocarts, or recreational trailers. Those are all property that needs their own separate policies.
If you are currently a homeowner and have had a policy in place for years, you NEED to have an independent agent look over your policy. You may be paying too much! It is important that you review all your coverages to ensure you have the best policy at the best premium!
You may be a new homeowner, have been in your home for 30+ years, or have been exploring the idea of purchasing your first home. It is important for you to understand your policy and make sure it contains what you need! Call 717-886-2572, visit our website, or email us today to get the coverage you need for the best premium!
Your friends at Friedrich Insurance,
Erin Friedrich Horning
erinhorning@friedrichinsurance.comcastbiz.net
717-866-2572
Facebook page: Friedrich Insurance
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