What Kind of Insurance Do I Need For My Home?

A house is often the most expensive thing a person will ever invest in. For that reason, wanting to keep your house safe and secure is an understandable concern. Many people in home security, make renovations, and have home inspectors come to ensure their house is in the best shape possible. Accidents will still happen, however—and when they do, every homeowner should make sure to have insurance for the damages.

Homeowner’s Insurance

This section should talk about the importance of having basic homeowner’s insurance. When talking of homeowner’s insurance at the basic level, you’re getting things covered such as your dwelling, structures on your property, personal property, and liability for injuries or damage done to another person’s property. As Value Penguin points out, theft and fire are common damages covered, as are things like windstorms and hail. This general coverage provides a lot of relief for the typical problems homeowners face, and so is definitely worth the average cost of $1200 annually.

Flood Insurance

Separate from general homeowner’s insurance, some people choose to add a separate policy like flood insurance to protect their home. Especially in areas with high risk of flooding, you may be required to purchase this kind of insurance by your lender. But even if your state has less of a chance of flooding, it is a phenomenon that can happen anywhere with high costs. According to Murfreesboro Insurance, one inch of water can cost you upwards of $20,000, after all. Flood insurance pays for your home or your personal belongings or both. In addition, it can even cover temporary housing if your home is deemed uninhabitable by the flood damage.

Earthquake Insurance

Another regional hazard, earthquake damage is not covered by basic homeowner’s insurance either. Though this one is less typical except in certain parts of the country, those who are near active faults are wise to invest in it. The structural damage and damage to personal property thanks to earth movement can be devastating, especially without relief from insurance. Look into this type of policy if you are in an active fault area, and make sure you have earthquake insurance as well as full coverage under it.

One of the worst personal disasters people can face is losing their home. Whether to fire, flood, or earthquake, having safety nets in place will greatly reduce the impact of these disasters on your personal life. Make sure you’re insured in basic coverage for your house, and look into what other policies would safeguard your property!

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