It is a well known fact that it is a requirement to have homeowners insurance when you own your home. What isn’t widely understood is how this insurance works for you. Below is a rough outline detailing the importance of homeowners insurance and some of its benefits, as well as renters insurance and movers insurance.
Basically, there are two parts to homeowners insurance: Property and Liability. Most of you are aware that should your house fall under disaster, for example catch fire, then your property insurance will pay to repair and/or replace your house to the condition it was in before the fire. Property Insurance will also cover your belongings, such as furniture, electronics, etc., in case of damage by events listed in your insurance policy or theft. It will also cover any other building on your property, such as a garden shed, should something happen to it and the contents within it. It doesn’t hurt to have a detailed list with pictures of your belongings in the event you will need your property insurance to replace these items.
Liability is the second portion of your homeowners insurance. It protects you should someone get hurt on your property due to your negligence. For example, if the mail carrier slips on your icy steps and gets hurt, then your liability insurance will pay for his or her medical bills and associated expenses. If your mail carrier decides to take the matter to court and sue you, your liability insurance will help in this situation as well.
It’s important to be certain you have what you need in your homeowners insurance policy. Although your insurance policy may seem like a tedious read, it’s crucial to know what your homeowners insurance covers, and also how much. You will want to ensure you have enough property insurance to replace your home and all its contents should disaster strike. Likewise, be certain you have a fair amount of liability insurance in case someone does get hurt on your property. This way, you, and those visiting your property, are protected.
Something to also think about is the importance of renters insurance. Although in many cases it is not mandatory, it could protect you in many of the ways that homeowners insurance does. You will want a policy that covers all your belongings should something happen in the apartment your renting. When you add up the value of your belongings, it can amount to a hefty sum. Also, liability insurance is just as important when renting as it is when you own your own home. This way you’re ensuring that should someone get hurt in your rented dwelling, you can cover their costs with your liability insurance.
And if you’re moving, movers insurance is also something to think about, especially when you consider that all your property is being carted down the highway in a moving truck, travelling at high speeds, and in potentially messy weather. It would be a shame to reach your destination, only to find that a bunch of boxes with your fragile belongings in them, have fallen and the contents smashed.
There is a lot to know about insurance, and you can obtain more information about renters, movers and homeowners insurance by contacting your local insurance broker.