Irmo/Chapin Homeowners Insurance Experts
What is Homeowners Insurance?
Having a home is one of the best comforts an individual can receive. This is where you are most comfortable and secure and this is also where you put your most valued items and even let the people closest to you reside. Your home gives you the protection you need from external occurrences that can potentially harm you, but it needs protecting too.
Anything can happen to your home in spite of it being a refuge. It can be damaged by natural disasters like storms, tornadoes, fires, and the like, or it can be raided by thieves and criminals. Your home is not accident-free as well and an injury or two can take place. With all of these things looming around your home, it is best to protect it with the best way possible – by acquiring homeowners insurance.
Home Insurance is a type of insurance policy where the homeowner gets reimbursed by their insurance company for the damages done to the house, loss of items inside the house, or for the accidents that occurred within the perimeter of the house. It can also be called homeowners insurance. There are several types of home insurance coverage and are as follows:
- Damage to the house – this type of insurance policy is the most common. It reimburses you with the exact amount you paid for by repairing your house that was damaged by natural disasters
- Damage to other structures – this is similar to the first one, but it applies to property attached to your home like sheds, fences, garages, etc.
- Personal Property – this repays you for loss or damage of personal property. Personal property included are home appliances, furniture, clothes, and even other personal belongings. This policy can cover as far as what you or your child was wearing even if they were not in the confines of your home.
- Additional Living Expense – this expense is like an extension to the first coverage because this coverage pays you for additional expenses you acquire by not being able to live in your home due to damages that make your home not a conducive place for living.
- Comprehensive Personal Liability – this covers personal liability especially when an accident occurred in your place and the person involved was injured. This protects you from being sued and charged additional expenses.
Medical expense – similar to comprehensive personal liability, this protects you in such a way that it covers the expenses of the person injured in your home. This home insurance coverage automatically pays for the medical bills whether or not the accident was caused by you or any person living in your household.
Unlike vehicles where some auto insurances are required by law, there is no law that demands the homeowner to get a home insurance for them to be able to live in a place. But like auto insurance, home insurance is a necessity for every home especially when the homeowner can afford to purchase one.
A home insurance is needed for several reasons. One, it reimburses you the amount you spend by repairing the damages caused by natural disasters. So if you are short of money during the time that a hurricane arrives and damages your house badly, your home insurance has you covered. Two, similar to the first reason, it saves you from having to pay for the injuries that happen in your house especially when the person injured is a visitor. Another reason is that a home insurance could protect you from being sued and paying a much higher price. An example of this is when a visitor trips on something and has their ankle twister or your dog suddenly bites a visitor. Moreover, if you rent your place, a home insurance gives your mortgage lender some peace of mind knowing that their property will be protected even at the hands of someone else. Some mortgage lenders require this. Lastly, aside from the main structure being repaired, damaged and lost items in your house will be replaced as well. This includes home appliances, furniture, and even clothing.
Yes, it is an added expense to avail a home insurance, but just imagine living without it and an unexpected event takes place. It would not only bring inconvenience, but it would also leave a huge dent on your bank account if you have to pay all the damages by yourself. And so it is best to prevent these things from happening by protecting your home (and yourself) through a home insurance.