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Hello Insurance. Goodbye Risk.


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Hello Insurance. Goodbye Risk.

When it comes down to it, all insurance really serves a single purpose. It reduces your risk. Perhaps you cannot afford to risk having to pay $100,000 if someone is badly injured on your property. You'd buy homeowners insurance to protect you from that risk. Maybe you don't want to have to shell out $20,000 for a new car if someone drives into the side of yours in a parking lot. You'd buy comprehensive car insurance to cover that risk. More insurance equals less risk. But how much risk do you need to protect against, and how much insurance is enough? Only you can answer that question, and you should have a better idea of your answer after reading the articles on this website.

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What Gets Covered By A Homeowners Insurance Policy?

For many people, owning a home is a major accomplishment, one they have worked very hard to achieve. However, the work does not end once your home is purchased and you have the deed in hand. Instead, it continues the entire time you own your home. For example, one responsibility you have is insuring and protecting your home against damage and risk. Fortunately, the right homeowners insurance policy can help you to do that. But, what do these policies cover? While every policy will be different, most will offer at least the following protections.

Protection From Peril

One of the most important features of a homeowners policy is that it protects you in the event that your home is damaged by some kind of peril or event outside of your control. Most policies cover a wide range of different common risks. For example, your policy may cover damage that is related to:

  • Fire
  • Snow
  • Lightning
  • Burglary
  • Storms

With that said, though, every policy is unique. Thus, before you sign on the dotted line or just assume that your policy will protect you in a particular way, read with care. It's important to know the exact protections your policy entitles you to. Also, know the most common risks in your area to ensure you choose the right policy or policy add-ons to meet your needs.

Protection For Additional Structures

Your home itself is definitely covered by your homeowners policy. However, a typical policy doesn't just include your actual home. It includes any additional structures that also happen to be on your property. So, if you have a shed, a workshop, or even a fence or a treehouse on your property, there is a good chance it is also protected from the perils mentioned above. As stated, though, your policy is not necessarily the same as anyone else's. So, if you're wondering whether a specific structure is or will be covered, check the fine print or ask the policy provider directly.

Protection Related To Liability

Finally, know that your policy probably covers you if a guest gets hurt on your property. If they slide on your floors and take a tumble, fall down the stairs, or burn themselves on the stove, this part of the policy may come to the rescue. It can help to cover legal fees you encounter if you're sued and more. Again, though, check the specifics of your policy.

Hopefully, your home never experiences any harm and you never need your homeowners insurance policy. If something bad does happen, though, you'll be glad for your coverage. Just take care to get the very best coverage possible. It will be worth it should your home suffer serious damage or face other issues.

For more information, contact an insurance agency, such as Binyon Agency.