Our lives are mostly comprised of a series of unpredictable events. Some of these events can improve our lives significantly, whereas others may provide us with an unfortunate setback. Although we can’t do anything to stop these situations from occurring, we can protect ourselves from them with the right insurance.
A home insurance policy requires the account holder to make regular payments into a pot that is paid out in the event of an emergency. These emergencies can include fire damage, burglary, storm damage, or other unfortunate circumstances. However, there is more to these plans than you may think. Let’s look at all the benefits of a home insurance program, some of which you may not be aware of.
Protection of Your Home Contents
The first thing that most people think of when it comes to home insurance is their possessions. Some items have a sentimental value and cannot be replaced in the event of a fire or a robbery, but the right insurance policy should be able to cover everything else. It would help if you also were advised that some home insurance will protect you against weather damage. A handy piece of knowledge for those in certain parts of the USA.
This all means that your furniture, kitchen appliances, gadgets, and artwork can be reclaimed if there is an unforeseen accident. Be careful though, some policies will only offer you half the amount to recuperate your losses. So search around for the best deal before you sign on the dotted line.
Property Damage
Unfortunately, fire or storm can do significant damage to the structure of your home. This will require repairs but, luckily, your home insurance should cover these costs. Most policies will be able to cover up to 100% of the damage without leaving you to worry.
However, some property damage is so severe that it can render your home unliveable. What are you supposed to do in these situations? Fortuitously, a good home insurance policy should be able to help.
Loss of Use
Loss of use refers to your home’s inability to shelter you after an unforeseen event. This means that you will need to relocate temporarily while your home is repaired. A reliable home insurance policy, like the ones offered through the AARP insurance program, can help provide loss of use coverage to their policyholders.
This means that the company will take care of any additional bills that arise due to you being relocated. These include hotel stays, food expenses, and additional travel expenses. This type of coverage can help you get back on your feet after a disaster, so always check for loss of use coverage in future home insurance policies.
Liability Coverage
A good home insurance policy can protect you and your assets if disaster strikes. However, you aren’t the only person that can be affected by these strange events. Friends, family, and other members of the public can all gather under your roof and find themselves injured in such an event, which could lead to you being sued in the long run.
Fortunately, liability coverage can protect you against any legal action that may happen as a result of damage to your home. Also, your home insurance policy should cover the injured individual’s medical bills until they can carry on with their regular daily activities. It isn’t always a blanket policy, and you may need to negotiate coverage with an agent before agreeing to a liability program; however, you can’t go far wrong by covering yourself in this way.
Other Structures
A home can often be comprised of several different structures, many of which are detached from the main building. Things like garages, fences, sheds, and annexes all fall on your plot of land, but don’t always join up to what you consider to be your home. Does this mean that they aren’t included as part of a home insurance policy?
No. every additional structure will be taken into account separately, which often means that you have to list these objects in order of importance with your agent. These detached properties often take up about 10% of your overall land coverage and therefore should be insured. However, if you choose to store high-valued goods in some of these structures, it is worth mentioning. For example, a touring bike kept in a shed could increase the worth of that structure. Always discuss things thoroughly with your agent to agree on a rate that makes sense to you both.
Don’t Forget
Your home and its contents are likely to be the most important things you own. However, this does not mean that they are the only things worth insuring. Keep our list of insurance benefits on hand next time to try and negotiate the best home insurance policy. More importantly, try to achieve a policy that suits your needs the most.
