If you’re anything like most American homeowners, your primary residence was the biggest and most important purchase you’ve ever made. Even if you look past the substantial financial investment you made into the property, your home is where you and your family spend most of your time. It doesn’t matter if it’s a starter home or a dream house – it’s a safe place that you can call your own.
At Goodman Family Insurance, we help homeowners like you understand your home insurance requirements and obtain a homeowner’s insurance policy that’s perfect for your needs.
Call 262-599-8031 or reach out below and discuss your situation with a professional today.
Need help understanding different types of homeowners insurance?
From fire damage to property theft, the right homeowner’s insurance policy can help you and your family deal with a wide variety of potential issues. Obtaining a great rate is important, but only if it comes with adequate coverage.
Here are a few things that are typically covered under a homeowner’s insurance policy:
The Dwelling (aka Your Home)
For homeowner’s insurance purposes, your home itself is typically referred to as ‘the dwelling’. Responsible for the bulk of your insurance policy, this sets the limits for repairs or replacements to your home. This is calculated by looking at construction costs, square footage, and other factors.
If you have another building on your property, this will need to be covered as well. Some common secondary structures on residential properties include sheds, barns, gatehouses, and detached garages. If your garage is physically attached to your home, it will generally be covered as part of ‘the dwelling’.
In addition to your physical house, you will also want to obtain coverage for your personal property – things like clothes, jewelry, electronics, and furniture. If you have high-value items, like rare artwork or antique furniture, you may need to take note of this on your policy to ensure adequate coverage.
Loss of Use
Your home may be fully covered for repairs and renovations, but this can take months. That won’t help you in the short term. Most homeowner’s policies include some coverage for additional living expenses so that you can stay in another house, condo, or hotel while waiting for repairs.
The list above provides a general homeowner’s insurance overview, but it doesn’t account for everything, if you have a pool, hot tub, or other unique feature on your property you will need to make sure that it is covered too.
Policy limitations, liabilities, and other key concepts
Coverage isn’t the only aspect of your policy that you need to take note of – limitations and liabilities are also important.
Limitations refer to specific situations where your policy will not provide coverage – an example of this could be damage caused by houseguests, pets, or specific natural/manmade disasters. It is very important that you understand any limitations on your policy as this can wind up costing you thousands of dollars.
Liability insurance is typically thought of as a product for businesses, but it is beneficial for homeowners too. Liabilities protect you from lawsuits – an example of this could be someone suing for damages after slipping on your front yard or driveway.
At Goodman Family Insurance, we specialize in creating policies that combine your family’s need for adequate coverage with the lowest rates possible.
We leverage our trusted network of 15+ A-rated carriers to get you the best coverage at the best rate possible.
Call 262-599-8031 or reach out below to discuss your options with an expert today.