What's Protecting You?
Your home is likely your most valuable property. That’s why you protect it with a Homeowners Insurance policy. But what if you need to replace your flooring after it’s been ruined from faulty plumbing? What if a houseguest has medical bills after they slipped on your stairs? Have you ever wondered how you are protected financially? Conveniently, your Homeowners Insurance policy can also provide you the coverage needed in these and many other unexpected circumstances.
Homeowners Insurance isn’t just a requirement from your mortgage lender. It’s a vital layer of protection that shields your home, your belongings, and your financial security. It can provide legal liability coverage and will make you “financially whole” in the event of a covered loss.
Insurance needs are unique, and your Homeowners Insurance policy should be tailored to reflect your specific needs. Coverage limits on standard policies can be adjusted to ensure your property is properly protected. And for property and perils not covered on standard policies, additional endorsements and policies can be added to fit your needs.
As you read the tips below, consider what coverage you need in your life and if your current Homeowners Insurance policy has the right protections to meet those.
It's About More Than the Structure.
When folks consider Homeowners Insurance, they may only think about coverage of the physical structure. Homeowners Insurance can also offer other protections such as:
- Dwelling Coverage covers the home’s structure (roof, built-in appliances, etc.) against covered perils like fire, wind, or vandalism.
- Personal Property Coverage replaces or repairs items like furniture, clothing, and electronics impacted by covered perils. This coverage even applies outside your home.
- Liability Protection helps cover medical and legal costs if someone is injured on your property or if you accidentally damage someone else’s.
- Additional Living Expenses pays for hotel stays, meals, and other costs if your home becomes temporarily unlivable due to a covered event.
Real Life. Real Protection.
Imagine the following scenarios:
While you’re away on vacation, you receive a call informing you a pipe froze and burst. Based on the amount of water, this breakage doesn’t seem recent.
Your pet gets the “zoomies” and jumps on a visitor, injuring the visitor and leaving you with their medical bill.
Less than 6 months after moving into your new home, strong winds topple a tree, and it crashes through your living room.
These are all based on real life events. When the unexpected happens, your Homeowners Insurance policy is there for you so you’re not left covering costly damages and liabilities on your own.
Don't Be Fooled by these Misconceptions
Misconception #1: “My policy is only useful after a major disaster.”
Of course Homeowner’s Insurance is there for large, expensive covered claims. It’s also there for smaller scale events that quickly add up (think: extensive water damage, theft, or injury of a visitor).
Misconception #2: “Flooding is covered by my policy.”
Most standard Homeowner’s policies do not cover damages caused by flooding. A separate Flood Insurance policy is needed to cover these losses. Be aware that typically these policies have a waiting period and do not go into effect immediately.
Misconception #3: “I don’t need much coverage—I don’t have that much stuff.”
Coverage extends beyond physical items. Another major coverage provided is liability protection. Without the proper amount of coverage, personal assets can be at risk.
These and other misconceptions regarding Homeowners Insurance exist. But being informed about your policy and the protections it offers can help you avoid them. If you ever have any questions regarding your policy, Johnson Grisham Agency can assist you in finding answers.
Parting Thoughts
Homeowners Insurance is a safety net. It’s peace of mind. And when the unexpected in life strikes, it can be the difference between a temporary setback and a long-term financial crisis.
Your Homeowners Insurance policy should be tailored to your life and your insurance needs. Take time to understand your policy and the coverage it offers. Also make sure you have the right protection for your life–home and beyond.
If you’re not sure where to start or want to make sure you’re properly protected, Johnson Grisham Agency is here to help. Give us a call at (423) 899-6161.
