Understanding Homeowners Insurance: What You Need to Know

Homeowners insurance is essential for protecting your investment. It provides coverage to repair or rebuild your home after unexpected events such as fire, smoke, theft, vandalism, fallen trees, or weather-related damage like lightning, wind, or hail. Additionally, most standard policies cover personal belongings such as furniture, clothing, and electronics.

Types of Coverage in Homeowners Insurance

Dwelling Coverage

This covers the cost to repair or rebuild your home after a covered event like fire, smoke, lightning, wind, or hail damage.

Personal Property Coverage

This protects your belongings both inside and outside your home. It typically covers items such as clothing, electronics, and furniture if they are damaged or stolen.

Liability Coverage

This provides financial protection if you are legally responsible for bodily injury or property damage to others. It may cover:

• Medical expenses if someone is injured on your property
• Legal fees if you are sued for a covered incident

Other Structures Coverage

This covers repairs or replacement for detached structures on your property, such as garages, fences, and sheds, if they are damaged in a covered event.

When Should You Get Homeowners Insurance?

Once you sign a purchase contract, start shopping for insurance right away. This allows you time to compare quotes, understand your coverage options, and have a policy in place before closing. Most mortgage lenders require proof of homeowners insurance at least three days before closing.

If you’re in the process of buying a home and need guidance on securing the right homeowners insurance, I’d be happy to help. Contact me today to get started!