Now that your housing offer is accepted, the entire process is almost complete until closing day. But that doesn’t mean you have nothing to do before closing day. You still have a few things to keep in mind before closing. One of the important things to do in the weeks before completing the sale is homeowners insurance.
If you’re a first-time homeowner, you may have renters insurance. Homeowners insurance is like renters insurance, but it is more expensive and has more components. You will need to insure your property and not just your possessions, which is why you need to get homeowners insurance. Homeowners insurance provides protection to homeowners from financial loss in the event of theft, storms, fire, natural disasters, and all the other causes listed on your policy. Therefore, you should read the policy carefully to know the details and your rights. Review your policy and know your rights.
It’s better to get homeowners insurance that covers five or six coverages rather than separate policies for a specific coverage. You will spend more when you choose to get separate policies. Homeowners insurance includes five coverages.
Homeowners Insurance Coverage – Covers the physical structure of your home and not other structures like guest house, fences, detached garage, etc. This means that you are covered in case of damage to the main house and any attached structures, such as an attached garage.
Personal Property Coverage – This homeowners policy coverage guarantees the contents of household items, such as items that you regularly use that are not a permanent part of your home’s structure, such as furniture, televisions, appliances, clothes, utensils and tools.
Liability Coverage – This coverage protects you when you are liable for someone else’s injury or damage. In such a situation, homeowners insurance will soon give you a minimum of $ 20,000 as coverage. Policyholders can get an additional premium of one million dollars. This coverage includes emergency assistance at the scene, medical expenses for bodily injury, legal defense fees, compensation for loss of income, funeral expenses, bonds (the person must be included in the policy of the insured) and medical services for illness or disease. .
Medical Payment Coverage: This coverage will take care of all your medical bills if someone gets hurt even in the area of your property. Certain injuries are covered by your health insurance, including your dog biting someone on your property. It also covers the insured and their family members when they are in the vehicles of others, or when the insured and their family members are on foot and are hit by a car. Coverage costs are subject to the limits you choose when purchasing your auto insurance policy. Typically, the basic coverage you can get is $ 500, which can be increased to $ 5,000 by paying additional fees.
Loss of Use Coverage: In the event that your home is damaged for any reason and you become homeless in this type of situation, your homeowners policy will cover your living expenses.
With all the benefits of having a home insurance policy, you guarantee the protection of your home and your life.
