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You put a lot of time and money into your home. Home insurance is one means to protect your investment. Understanding your personal needs, you bring together a package of different coverages to provide as much protection as you feel necessary. Home insurance can protect you from damages to your home, its contents or even from financial liability if someone outside of your household is injured and you are found to be responsible. Taking the time now to understand home insurance will help you to fend off potential financial misfortune in the future.
A basic home policy covers perils, which are specifically named risks such as lightning, theft, fire, smoke, wind and explosion. One thing to remember with this type of policy; any risk that is not mentioned specifically in your policy is not covered. From some insurance companies you are able to purchase special policies that cover the house for all perils except those explicitly excluded by the policy though, such as pet damage. The chart below illustrates typical coverage under MetLife Auto & Home's standard home.
Dwelling which includes Residence, attached/built-in garage
Other Structures Includes structures you own that are not attached to the house, such as storage sheds, fences and barns. Motor vehicles such as your lawn mower or motorized wheelchair are covered, but your automobile must be covered by a separate auto insurance policy.
Personal Property Covers damage, theft (some items subject to special limits) or destruction of items such as televisions, stereos, furniture, etc.
Additional Living Expenses Covers the additional costs of living in case you have to move out of your home and live in a hotel or rental while it is being repaired for a covered loss.
Basic Liability Insurance and Medical Payments to Others Covers expenses in the event you are found to be legally responsible for damages or injuries to others, on or off your property.
Exclusions and Additional Coverage
Property and liability of tenants, roomers or boarders. Tenants may opt to purchase renters insurance.
Business liability for damages resulting from home business activities and professional services. Talk to your insurance agent about separate business-related coverage.
Lightning damage to trees, plants, shrubs and lawns.
Debris removal (for example, removal of wind damaged trees that have fallen and are leaning on your house).
You can add to your package by purchasing additional coverages, such as:
Flood (must be purchased separately from the federal National Flood Insurance Program).
Reasonable repairs to prevent a further loss, such as boarding-up a hole in your roof damaged by fire to prevent rain from getting inside.
Home Insurance representatives need certain information about you and the property before they can tell you if they'll write a policy and how much it will cost.
So think about protecting the home you purchased. Most buyers get a comprehensive homeowner's insurance policy, which provides coverage for fire damage, water damage (not by flooding), personal possessions, personal liability, vandalism, theft, and loss of use of the house. If you are financing your home purchase, your lender will require you to buy at least basic hazard insurance. So start shopping for home insurance as soon as you sign the purchase contract so you're not stuck if the insurance carrier you choose refuses to insure your home-the best place in world.
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