What Does My Home Insurance Policy Cover?

Picture of male architect drawing house plan

As a working adult, you’re probably aware of the importance of insurance and keeping all of your property safe. Car insurance, life insurance, and health insurance are pretty straightforward when it comes to knowing how you’ll be covered. However, many people might not understand the importance of home insurance as well. If you have recently purchased a home, you should know why home insurance is valuable in protecting you and your family.

Why Is Home Insurance Essential?

  • Minimum hazard coverage: Many mortgage lenders will require homebuyers to purchase a base level, “hazard” or “homeowner’s” insurance, or HOI. HOIs will provide coverage for property damage resulting from fire, wind, hail, theft or any other sort of similar damage.
  • Multiple lines of protection: Sometimes the base level of your HOI will only provide coverage for your home itself and not include other personal property protection. It’s important that as a new homebuyer you explore your options and buy insurance that covers multiple lines of damage and/or liability.
  • Liability coverage: Many standard HOI policies will provide liability coverage. This includes protection for personal liability to others that occurs on your property. Liability insurance will be extremely useful in order to protect against any injury claims from construction workers, trespassers, or other people who accidentally got hurt.
  • Personal property insurance: When purchasing a separate personal property insurance policy (if your HOI policy doesn’t include this type of coverage) you should make a list of personal property inventory. Personal property coverage will be especially useful in the case of a natural disaster or theft.

You can’t predict a natural disaster or some other unfortunate experience that may occur and damage your property. Home insurance is crucial if you have real and personal property that you would like to ensure will be safe in case of any damages or injuries. Contact our real estate lawyers at James McKiernan Lawyers today if someone has been injured on your property and wants to file a claim.

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