Most likely, your house is the biggest and most valuable investment that you have ever made. In addition, it provides shelter for you and your family. Therefore, you need to protect your home with the right Home Insurance policy.
While Homeowners policies will vary from one person to the next, there are four main components that you need to include in your coverage plan. This includes coverage for the structure itself, the contents of your home, liability and additional living expenses. Fairway Insurance's team will help make sure you have the exact coverage that you need at a price you can afford.
The most important element of any Homeowners Insurance policy is the coverage that you have for the structure itself. This is the part of your policy that will protect your home from weather damage, fire damage and damage for other types of disaster.
It's essential that you get enough coverage to enable you to completely rebuild your home if that ever happens. For instance, if your house burns down to the ground, you will need the funds to rebuild the entire structure.
Fairway Insurance Service Inc. will work with you in order to determine the exact amount of coverage that you need.
A basic policy will provide coverage for your home against most major disasters. This typically does not include coverage for earthquakes, flooding and other unique circumstances. However, it will provide coverage for the other structures that you have on your property, such as a detached shed or garage.
Most Home Insurance policies will provide protection sufficient enough to cover the cost of replacing personal belongings that may be lost or stolen within the limits and conditions of your policy. The usual coverage limit is about eighty percent of the value of the structure of the home.
In order to make sure you have adequate coverage, it is a good idea to take a detailed inventory of your home. This involves making a list of everything in your home, such as clothing, furniture, appliances and tools. You may also want to take a picture of your valuables as well. Keep these records in a fireproof safe, or even better, in a safety deposit box at your bank. Then, you will be prepared if you ever need to file a claim.
One of the most important types of coverage for any insurance policy, especially Homeowners Insurance, is liability. Basically, liability insurance provides you with coverage in three different ways.
First, you are covered against damage to another person's property. The most common example is your child breaking a neighbour's window with a baseball.
Your policy will pay the cost to repair or replace the damaged property.
Next, your liability coverage will protect you if someone decides to sue you or if you are found to be legally responsible for damage or injuries. The cost of defence as well as the cost of any court awards will be covered up to the limits of your insurance policy.
Finally, liability coverage will provide you with protection against the medical expenses for injuries that someone suffers while on your property. For instance, imagine you are hosting an outdoor party and a guest steps back too far, falling off the porch and breaking an ankle. All they have to do is submit their bills and your policy will pay their medical bills.
In the event that your home is destroyed by a fire or another disaster, you may have to find shelter elsewhere. With additional living expense coverage included in your Homeowners Insurance policy, you will have the funds that you need to pay for your hotel stays, restaurant bills, rental cars or temporary apartments.
With this extra coverage, you do not have to worry about imposing on a family member or living out of your car until you home is repaired. Your kids will not have to wash off before school in a gas station bathroom and you do not have to eat dinner with the birds in the park.
Peace of mind is the greatest benefit of any insurance coverage. Of course, it is everyone's hope that you will never have to file a claim. However, accidents and natural disasters do happen, so it is better to be prepared. Click on the quote request button now to find out how Fairway Insurance Service Inc. can protect your home.