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Homeowner’s insurance is a necessity for everyone, but not easy to understand. It protects your home and possessions against damage or theft. It is good to understand what your insurance policy covers. Some basic terms to know:

  • Dwelling Coverage – Pays to rebuild the structure of your home if it is damaged by any cause, except problems that are specifically excluded such as floods.
  • Personal Belongings – Pays to replace or repair your personal belongings after a problem covered by the policy, like theft or fire.
  • Liability Insurance – Pays for medical expenses and property damage your household members cause to others. For instance, your dog bites someone or your child knocks a baseball through a neighbor’s window.
  • Medical Payments to Others – Helps pay for minor injuries if a guest is hurt on your property.
  • Additional Living Expenses Coverage – Pays loss of use expenses such as hotel bills, meals, and other costs if you cannot live in your home because of a problem covered by your policy.

When purchasing your homeowner’s insurance policy, your insurance company or agent will review the characteristics of your home to estimate the cost of rebuilding it. To make sure you have sufficient coverage for as long as you live in the home, you should schedule annual reviews of your coverage with your agent or insurance broker. Many consumers are under-insured. It is important to have an updated valuation on contents and what coverage is needed in the event of a total loss. We have insurance agents that we work with and would be happy to give you a referral.