Would you consider your home to be your largest family asset? If so, you must manage risks to that home as well as you can. For most people, taking good care of the house and buying the best home insurance will provide them with adequate protection. Since no two houses or homeowners are the same, the best policy for some of our clients won’t serve others well at all. That’s why the agents here at Awesome Insurance work as independent agents, with the ability to compare many insurers and not just one. Take a moment to understand why there’s no one-size-fits-all homeowners insurance and how that benefits you.
Is There a Typical Home Insurance Policy?
Insurance companies create home policies to satisfy mortgage companies and a wide base of customers. Instead of containing just one kind of insurance, typical homeowners contracts will cover the buildings and personal possessions inside. They also include liability protection in case a visitor claims that you injured them on your property.
If you owe money to your mortgage company, you’ll need to have homeowners insurance to satisfy your contract. Most people who don’t owe any money on a mortgage still buy this kind of insurance to protect their assets.
Is Typical Home Insurance Good Enough for You?
Basic policies may look like they offer very broad coverage; however, these packages generally exclude some potential hazards, such as floods. To cover runoff after a storm or melting snow, you’ll also need to have flood insurance.
Just as concerning, insurers may limit liability to around $100,000. Anybody who has assets that are worth more than the liability limit should consider either increasing the limit or buying an umbrella liability policy. Umbrella insurance begins to pay after the liability limits of such base policies as auto and homeowners insurance have become exhausted. For families with assets, it’s typically a prudent and affordable way to improve liability protection.
Recently, a lot of our Lee’s Summit clients have started home businesses. Some insurers exclude any business-related coverage, and others may have personal property and liability limits that are far too low. For example, typical home insurance begins with personal property insurance of about half the total insurance value of the home. Also, these base policies may limit some kinds of property even more. Examples of these include jewelry, silverware, and antiques. Homeowners should take an inventory of their possessions and think about how they plan to use their homes before they decide what kind of coverage they need.
Buying the Right Kinds of Home Insurance
The more information that you can supply about your home, your possessions, and your planned activities, the better an insurance agent can serve you. For example, tell your agent if you plan to keep valuable artwork or run a business inside your house. Here at Awesome Insurance in Lee’s Summit, MO., we’re proud to take the time to learn as much as we can about your home, goals, and lifestyle. As independent agents, we’re empowered to help you compare multiple insurers to find the perfect protection for a competitive premium. If you have questions about insuring your home or would like to find cheaper rates, call upon us today.
