Why Homeowners Need Home Insurance

Protecting Your House

Your house is in need of protection against a number of damaging calamities, accidents, and disasters. Home insurance provides this protection. It is vital to have this insurance because it can pay for the repairs you will need after something serious damages your house. The protection afforded by home insurance keeps you protected from having to spend your own money to make major repairs to your home. For many people, such an expense would simply be unaffordable.

Coverage for Your Possessions

The belongings that are inside your house would require a lot of money to replace, and that’s another reason that home insurance is so important. It covers all of those belongings so that the policy can pay to replace them if needed. When there is a serious accident or another occurrence, having this coverage assures you that you won’t have to replace all of your possessions by yourself.

Liability Protection

Another form of protection afforded by this coverage is liability protection. It protects you financially if someone had an accident in your home and had injuries and medical bills from it. It would pay for those medical bills for you so that you wouldn’t have to struggle financially to do so.

Get Your Home Covered

If you don’t have a home insurance policy yet for your house, don’t wait any longer. Call us at Insurance Warehouses of America in Orlando, FL.

Unlike auto insurance, home insurance is not a form of insurance coverage that is generally required. However, this does not mean that you shouldn’t carry this type of coverage, as it can protect you financially when a catastrophic event occurs. When you are unfamiliar with home insurance, it can be helpful to familiarize yourself with some common home insurance terms. Insurance Warehouses of America wants to share some of these home insurance terms with Orlando, FL residents.

Peril

A peril is considered a covered and unfortunate event that may result in the need to file a claim with your insurer. There are a number of perils that are covered under a typical home insurance policy. Some of these covered perils may include fires, vandalism, wind damage, and theft.

Exclusion

An exclusion is considered an event that is not covered by your home insurance policy. For example, it is common for policies to exclude damage caused by floods, mudslides, and earthquakes. In order to be covered by these perils, a separate policy must be purchased.

Deductible

A deductible is a specific amount of money that must be paid before the home insurance company will pay your claim. The higher the deductible, the lower your monthly premium, on average. You can pay more monthly to have a low deductible so that you have less out of pocket in the event you must file an insurance claim.

Replacement Value

Replacement value is how much it costs to replace your property in its current condition if a total loss were to occur. Although market value will rise and fall from one year to the next, replacement value usually doesn’t. Therefore, it is safer and wiser to insure your property this way. A contractor can provide you with an estimate of how much it would cost to rebuild your home from nothing.

The terms of a home insurance policy can be tricky, so when you need help understanding your policy or are ready to purchase home insurance for your property, contact Insurance Warehouses of America. Serving Orlando, FL, this insurance firm can help you create a home insurance policy that fits your individual needs.