Before becoming a homeowner, you need to make sure you’re covered with home insurance. And you need to make sure you’re covered at a reasonable rate for your home. Below you’ll find the top 3 questions consumers have when purchasing home insurance. Veerus Leads works with consumers to find great rates on home insurance. Find the right policy for you.
1. What is covered by a standard home insurance policy?
Often, there are four main areas of coverage: liability, personal property, dwelling, and additional living expenses. Liability coverage pertains to injuries sustained on your property by non-residents, protecting you from paying out of pocket for medical expenses or legal fees. Personal property coverage refers to anything you own within your home (ie. furniture) and helps to repair/replace these items in the event of loss such as fire. Dwelling coverage refers to your home’s physical structure and any permanent appliances or fixtures, not including surrounding land. Additional living expenses cover the cost of living in a hotel while your home is being rebuilt in the event of loss or damage.
2. In the event of a natural disaster, does homeowners insurance cover all damages?
Standard home insurance policies cover various natural disasters and damages caused by wind, hail, fires, etc. However, there are often exceptions to coverage such as damages caused by earthquakes or flooding. There are separate policies for each. It would be in a homeowner’s best interest to get three different policies: flood, earthquake, and home insurance.
3. If I have an older home, will homeowners insurance cost any less?
Many homeowners believe that an older home means a lower cost for home insurance. However, for insurance companies, an older home means more maintenance and a higher risk of damage. As a result, homeowners insurance will usually cost more for an older home. Older homes are typically defined as over 40 years old, although this can vary based on provider.