3 Things You Should Have Included In Your Homeowners Insurance Policy

27 July 2016 by Elijah Steward

Insuring your home is very important. Since, for most people, their home is their greatest asset and investment, it is important that you carry good insurance at all times. Here are some things that you need to make sure are included in the homeowners policy.

1. Liability Coverage

Lawsuits are not uncommon. Unfortunately, you can be sued for a myriad of different things. If you don't have liability coverage, you could be personally responsible for all of the expenses involved in the lawsuit.

With liability coverage, you will get a certain amount of coverage for a lawsuit. This means that if someone is jumping on your trampoline and breaks their arm, then later sues you for it, you can access your liability coverage to help pay for the damages that you are found guilty for.

Although you would hope that you would never have to deal with a lawsuit, it is important to be prepared. This is why liability coverage is a must.

2. Personal Property Coverage

Another important part of home insurance coverage is making sure that your property inside the house is covered. The homeowners insurance won't just cover the actual building, but you can get coverage for your furniture, your precious items in the house and anything else that you might have. For example, if you have expensive musical instruments, electronics and belongings you need to get them cataloged so that if your house burns down, or if it is robbed, that you can get restitution for those lost things.

You cannot claim the items after the fact. You need to report these belongings when you purchase your insurance. You can have an appraiser come through the house and make lists of how much your house is worth, including belongings. Or you can go through and catalog everything that you have and report it to the insurance company.

3. Rebuilding Coverage

In most cases, when you access your insurance policy, it will be for smaller things, such as flood damage from a broken faucet, vandalism, or slight damage from a natural disaster such as a broken tree. However, in some instances, you might need to completely rebuild the house. For example, if there is a fire, then you would need to have coverage to help you pay for the construction and materials to build your home again. This is an important aspect of your insurance that should not be overlooked.

By including all of these things in your homeowners insurance, you can be confident that you are protected for any situation. For more information, contact a company like Hackett Valine & MacDonald Inc.

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