The Advantages of Homeowners Insurance

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Two summers ago, central Indiana experienced its usual cluster of thunderstorms.  The threat of a tornado or even just the threat of major wind gusts are always real and always lingering, but the odds of being hit are small enough that many of us tend to ignore it.  Nevertheless, that summer, during one particularly violent storm, golf ball sized hail tumbled down from the clouds, breaking windows on cars and damaging the roofs of houses and businesses.  Unlike a tornado, hail damage can strike many places over a large area.

The point of mentioning this is not to scare you but to encourage you as a homeowner or future homeowner to make sure you have quality homeowners insurance for those rare instances when lightning strikes.  There are many advantages to having good homeowners insurance.  With it you can:

  • protect your physical home in the even that something like the above scenario occurs
  • protect your personal property from disasters, accidental damage, or even theft
  • protect yourself from liability in the even that someone has a dispute with you over an incident on your property.

These three types of protection are called Dwelling Coverage, Personal Property Coverage, and Personal Liability Coverage, and they are all options you should consider when choosing your homeowners insurance.

Dwelling Coverage takes care of any direct physical damage caused to the house or other dwelling.  It includes rooms, floors, decor, and may also include attached structures such as a garage.  The purpose of the coverage is to give you the money you need to make repairs to your home after a disaster, vandalism, fire, frozen plumbing, or any number of other specified events.

Personal Property Coverage handles the things inside your home that you consider valuable.  These can include furniture, televisions, appliances, and may also include protection from credit card fraud.

Personal Liability Coverage is for those unforeseen moments when you are suddenly put in the position of having to defend yourself in a dispute or possibly even a lawsuit.  When something goes wrong on your property and someone else or something they own is damaged, they may want to hold you liable.

Finally, the important thing to remember about homeowners insurance is that most mortgage companies require it.  Therefore, if you are going to have it anyway, it might be a good idea to have quality insurance rather than the default coverage your mortgage company forces on you.

Check now for Homeowners insurance in New York so you can be prepared should the unwelcome occur.

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