Reasons Why You Should Have Homeowner’s Insurance

Do you own a home? If so, you will want to ensure that it is protected. Therefore, investing in homeowner’s insurance should certainly be considered!

There are a multitude of instances that could arise which could cause you to pay hundreds, if not thousands, of dollars to conduct repairs, from theft, to a house fire. However, with homeowner’s insurance, you can be sure that your home will be financially covered.

We believe that everyone who owns a home should be equipped with homeowner’s insurance! That’s why, here at Glenn Steil Style Real Estate, as a Montrose real estate agent, I have gathered some insight about homeowner’s insurance that you will want to keep in mind. So, be sure to continue reading to discover some helpful information:

·         What is Homeowner’s Insurance? You will first off want to make yourself aware of what homeowner’s insurance is. In general, homeowner’s insurance will be there to assist you with covering costs associated with perils that could come about with your house. So, homeowner’s insurance is comprised of coverages that could help pay to replace or repair the structure of your house, along with the belongings in it, if they were to be damaged due to unfortunate circumstances, such as a fire, or theft.

·         It Covers the Structure of Your Home. Many instances, such as fires, hurricanes, hail, and lighting, could cause a great deal of damage to a home. So, know that homeowner’s insurance will pay to repair or rebuild your home’s structure if your house were to be damages by any of these unfortunate events were to cause damage. Also, know that most policies cover detached structures as well, such as garages and tool sheds. But, most standard policies will not pay for damage caused by floods, earthquakes or routine wear and tear. So, when you are comprising the coverage for the structure of your home, you will want to purchase enough to rebuild your entire house.

·         It Covers Personal Belongings. An array of personal belongings are obviously within your home, such as furniture, clothes, and even sporting equipment. Homeowner’s Insurance will cover these items if they were to be stolen, or destroyed by instances such as a hurricane or a fire. In order to determine how much coverage is enough for your personal belongings, you will want to conduct an inventory of your home’s items.

·         It Offers Liability Protection. Bodily injury or property damage lawsuits could arise that you or your family members caused to other people. So, know that your liability protection would cover these issues. Also, it can pay for damage caused by pets. For example, if you have a family member, or a pet, who somehow destroys your neighbor’s rug, you are covered! Overall, the liability portion of your policy will pay for both the cost of defending you in court, and any court awards, up to the limit stated in your policy documents.

·         Additional Living Expenses. If your home is damaged from a natural disaster, you may have to live elsewhere while it gets repaired. If this is the case, the Additional Living Expenses (also known as ALE) portion of your policy will cover the additional costs. Therefore, costs associated with hotel bills and restaurant meals that will be incurred while your house is being rebuilt will be covered.

You will certainly want to ensure that your home is insured! These are just a few ways in which you can protect yourself with homeowner’s insurance.

Are you ready to buy or sell a home of your own with a real estate agent in Montrose, Colorado? If so, please get in touch with me here at Glenn Steil Style Real Estate, as I would be honored with the opportunity to work with you!