Homeowner’s insurance is a paid policy that provides protection for intentional damage to your home or possessions due to mishaps and bad weather. You pay a monthly fee and, in return, your policy covers a certain amount of repair or replacement expenses if something bad happens. Homeowner’s insurance is also required if you have a mortgage to protect the bank’s investment in your home.
Home insurance can provide peace of mind, but it is also not all-encompassing. It’s important to have insurance and fully understand what it covers or doesn’t cover so that you can plan for a safe future.
What Does Homeowner’s Insurance Cover
Home insurance typically covers the cost of your property, structures, and possessions in the event of a disaster. However, exactly what is covered and how losses might be compensated will vary from one policy or provider to the next.
Typically, a standard homeowner’s insurance policy covers accidental fires, storm damage, including wind and lightning damage, hail damage, and damage from falling objects. It usually also covers damage or loss caused by break-ins and vandalism.
Things that are likely to be covered (but are not always) include water damage from a plumbing leak, hurricande damage, and structural failures not caused by maintenance neglect.
What Doesn’t It Cover?
Homeowner’s insurance typically does not cover flooding from rising waters, earthquakes, or damage caused by poor maintenance and incomplete repairs. Insurance also usually does not cover damage caused directly by the occupants.
If you live in a region where these conditions are a possible or frequent risk, it’s important to secure separate or add-on insurance coverage.
How to Shop for a Home Insurance Policy
When shopping for homeowner’s insurance, start by assessing your home’s potential risks and what you need coverage for. Consider local perils like earthquakes in California, hurricanes in Florida, or snow damage in Michigan.
Compare:
- Comprehensive coverage and specific coverage you will need.
- Cost, monthly or yearly
- Co-pay or out-of-pocket threshold before insurance kicks in
- Total limit on insurance policy coverage for each event
- The reputation of the insurance provider for fulfilling policies.
Protect Your Home with NE Nebraska Insurance
When you own a home, homeowner’s insurance is an important way to protect your investment. Getting the right policy and comprehensive coverage at the right price can ensure that you will have the funds and recourse to conduct immediate repairs should a disaster occur in the future. Northeast Nebraska Insurance is here to help you find the best insurance policy for your home. Contact us today and let NE Nebraska Insurance answer your questions.