Homeowners insurance is designed to protect your home and property from risks such as damage from severe storms, fires, theft and your personal liability. Tornadoes, hurricanes, hailstorms and house fires are typically covered, while floods and earthquakes require separate policies. Let’s take a look at some common coverages:
· Personal property loss: Covers damaged, lost or stolen personal property up to your policy limit for covered circumstances. Valuable property such as antiques or artwork may need extra coverage.
· Property damage: Covers damage to your home and detached structures, such as a tool shed, up to your policy limit for covered circumstances.
· Added living costs: Covers temporary housing if your home becomes uninhabitable following a covered circumstance. This typically comes with daily and total limits.
· Personal liability: Covers repairs, medical bills or legal fees that may arise in the event that a visitor or their property come to harm while inside your home.
Though floods and earthquakes are exclusions, a homeowners policy does offer you peace of mind for many of the more common circumstances. Still don’t believe it’s beneficial? On average, 374,000 homes catch fire each year, resulting in $7.32 billion in losses. In 2010, 2,158,878 homes were burglarized, resulting in about $4.6 billion in losses. In 2011, 1,691 tornadoes touched down, resulting in $28 billion in losses. All of these events are covered circumstances that your homeowners policy will assist with.
An independent insurance agent can evaluate your home to ensure that your plan includes the right amount of coverage for your unique needs. Over half of all homeowners are underinsured and may not know about it until they need the coverage. Your agent will make sure that you don’t become one of these statistics.
The recent Colorado floods and fires have given us another reminder of how important it is to protect your home and everything inside of it. Call Alliance Insurance Group at (888) 279-9701 for more information on Colorado home insurance.