Homeowners Insurance
Purpose: Home insurance protects your dwelling and personal property against a range of risks, while also providing liability protection in case of accidents on your property.
Key Coverages:
- Dwelling Coverage: Protects the physical structure of your home from covered perils like fire, wind, hail, and vandalism. This includes the cost of repairs or rebuilding if your home is damaged or destroyed.
- Personal Property Coverage: Covers personal belongings inside your home, such as furniture, electronics, and clothing, against risks like theft or damage.
- Liability Coverage: Protects against legal claims and financial losses if someone is injured on your property or if you accidentally cause damage to someone else’s property.
- Additional Living Expenses (ALE): Covers the costs of temporary living arrangements and additional expenses if you’re displaced from your home due to a covered loss.
- Loss of Use Coverage: Similar to ALE, this covers additional costs of living elsewhere while your home is being repaired.
Additional Options:
- Scheduled Personal Property: Provides extra coverage for high-value items like jewelry, art, or collectibles.
- Flood Insurance: Not typically included in standard home insurance; must be purchased separately if you’re in a flood-prone area.