If you are reading this chances are you are in the process of purchasing your first home. The home buying process can be intimidating and overwhelming but we would like to help you facilitate at least a small portion of the burden by giving you some basic information on what you need and why.
Most homeowners insurance policies are packaged with most of the coverages you will need and after some evaluation your agent can suggest others not included. Here are some of the basic coverages.
Dwelling Coverage: offers protection against direct physical damage caused to the dwelling.
Other Structures: Coverage for detached garages, gazebos, patios, swimming pools, storage sheds, barns, guest houses, sidewalks, driveways, fences, etc.
Liability Insurance: is insurance which protects a person or entity from claims initiated by another party.
Medical Payments: Coverage designed to pay for medical expenses to others who are accidentally injured on an insured location or by the activities of an insured, resident employee
Animal Liability: coverage for mishaps like digging and playful nips to injurious bites or even provoked attacks.
Water Backup: The sewer and drain backup coverage endorsement covers water damage and cleanup. The coverage is activated by water that backs up through your sump pump or backup from a sewer.
These are just some basic things you need to know about homeowner’s insurance and these coverages vary from one insurance carrier to the other.
First Homeowner’s Insurance Policy