A home is one of the greatest treasures anyone can ever have. This is where you rest and unwind after a hard day at work. It also houses most of your movable and immovable lifetime assets.
The garage, cars that park there every evening, fridge, freezer, washing machine, dishwasher, microwave, and the list go on. What about the immovable assets like cabinets, sanitation units, and all that help make your life convenient.
If a calamity would befall your home, how long would it take to bounce back and restore your lifestyle? Enter home insurance.
What is Homeowner Insurance?
Homeowner insurance is a property policy that covers losses and damages to homeowners. It helps homeowners recover, repair, and replace home assets and personal belongings damaged by fire, and windstorms, lightning strikes, hail, and theft.
However, not all natural disasters are covered in this policy. Therefore, you may, need to secure a separate policy from york insurance company to protect your personal property from the adverse damage from such earthquakes and floods.
What does homeowner insurance cover?
Homeowner insurance policy covers interior damages, exterior losses, and damages such as personal assets and others within your compound.
If a visitor is injured while at your residence or you accidentally damage someone else’s property, home insurance may help you handle the accompanying cost.
In a nutshell, homeowner insurance will cover
- your dwelling i.e., the house
- personal property
- structure within your home
- liability for injuries
- Damage to others while on your premises
Let’s delve into the details.
#1. Dwelling protection
The foundation, walls, and roof make the structure you call a house. Homeowner insurance covers these particulars depending on the quality of each one of them. The cost of the policy is calculated against the worth of each of these features against others.
Dwelling protection also covers other structures attached to the house, such as the garage or deck.
#2. Personal property protection
A house becomes a home because it houses your personal belongings. Homeowner insurance shields you if electronics and furniture is damaged by fire or stolen.
The policy can repair, replace or compensate you if a covered risk damages your personal property. If you have exceptional property such as jewelry, you need to ask your insurer for extended cover. Such valuables are worth more than your personal property coverage limits.
#3. Other structures protection
Besides your dwelling, homeowner insurance covers other structures, such as the fence, garage, deck, and tool shed.
How Homeowner insurance works
After a calamity happens in your home, the homeowner must make a claim, and then pay a given deductible which is an amount charged according to the signed policy agreement.
Homeowner insurance policy has a liability limit. This amount determines the insured amount if an incident occurs.
A liability limit is a standard percentage, but an individual may choose to add, allowing them to access a higher limit.
Homeowner insurance protects personal belongings and home assets. It also covers other structures deemed as part of the home.