When you purchase a home, you’re not only taking responsibility for the property but anything that happens on, in or to the people who visit that property, so the most important coverage to have for your home is Homeowners Liability Insurance. Liability protects you in the event of an accident, injury or property damage that takes place in your home or on your property. One in 900 homeowners policies has a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others. That makes liability the most important coverage to have.
Lots of things can go wrong in a home which is why homeowners insurance is designed to protect you after an incident. Here are some risks that homeowners insurance can cover.
- Property Damage to your home or any detached structures.
- Personal Property Loss can replace items such as a laptop or TV being damaged or stolen, PPL can replace the cost up to your policy limits
- Personal Liability covers if you or a family member or even a pet causes an accident, injury or property damage, Personal Liability can protect you, from medical care to repair you will have coverage up to your liability limits.
- Added Living Costs if your house is uninhabitable, your homeowners insurance can pay for alternative living arrangements while your home is being repaired or rebuilt.
- Property Damage claims are by far the most common claims made by homeowners with about one in 40 insured homes having a claim related to wind or hail each year. Within Property Coverage there are 3 types of insurance available: Replacement Cost, Actual Cash Value and Extended Replacement Costs.
- Umbrella Coverage for Homeowners is coverage that will help extend your liability limits and increases your protections. Most common risks are dog bites, fallen trees, hired help injuries and intoxicated guests.
The most common Homeowners Losses ranked by claims frequency from 2014-2018 are:
- Wind and Hail
- Water Damage and freezing
- All other property damage
- Fire and lightning
- Bodily Injury and Property Damage
- Medical Payment/Other
- Credit Card and Other.
Other endorsements that you may want to consider are:
- Flood Insurance
- Sewer and drain backup
- Jewelry and personal property endorsements
An Independent Insurance Agency such as First Lakes Insurance will search through many carriers to find providers who specialize in home insurance, deliver quotes to you from a number of sources and help you walk through them all to find you the best blend of coverage at the absolute best price.