If you have just purchased a home, congratulations!
As you settle in, you might be asking yourself:
What happens after closing?
How do you properly protect your home, which may be the most expensive purchase you make in your life?
Many people automatically sign a policy with their realtor’s recommended agency at closing, without having working knowledge of their coverage. In some cases, they eventually forget about it.
This is a mistake! There are plenty of reasons to give homeowners insurance the time investment and research it deserves.
Here are some important reasons it might be worth taking a second look at your homeowners insurance. Does your current insurance protect you against your home’s unique risks?
Protect Your Home from Natural Disasters
At the most basic level, the main purpose of home insurance is to protect your house (the part of the home where you live). In the event of a fire, tornado, hurricane, or other natural disaster that caused either total loss or extensive damage, repair or rebuild bills would be very expensive. You want to make sure this is covered properly.
Protect Your Belongings
Protecting your home's contents such as appliances, furniture, electronics, and other personal effects should be covered by your policy in the event of theft or damage.
If you own unique or expensive items such as art or jewelry, it may not be automatically fully covered by your policy. In these cases, you would need to check with your agent to understand the coverage of these items in the event of theft or damage.
Liability Protection
If someone has an injury on your property, such as slipping and falling on ice on your driveway, you could be found liable. This could result in medical fees that might be tens of thousands of dollars.
Liability Protection should be included with homeowners insurance, but it is recommended to understand the limits of your coverage.
Keep in mind that homeowners insurance does not protect you or other household residents from injuries or property damage.
Required by Mortgage Providers
While not required by law, homeowners insurance is required by mortgage providers.
Loss of Use Insurance
If your home is rendered unlivable for a period of time due to a covered event - hotel, food, and travel expenses would be covered by this section of your home insurance policy while your home was being repaired.
Protect Other Structures on Your Property
Garage, sheds, gazebos, dog houses, play sets, fences, and more fall into this category. If damage occurs to them, your home insurance would cover some of the damage. We recommend reviewing your policy for further details.
If needed, speak to an agent about coverage to specific or unique structures on your property that might need additional coverage.
What Now?
Dealing with homeowners insurance is an essential part of home ownership that provides many benefits and (perhaps most importantly) peace of mind.
If you are feeling overwhelmed by choosing the right homeowners insurance, or simply looking to save money, RG Insurance is here to help!
As an independent agency, we are able to quote with multiple companies, offering you price flexibility and the ability to custom tailor a quote based on your unique needs.
We have served the Maryland community for over 20 years, and we would love to help you with your home insurance needs!
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