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If you're like most people, you probably don't think about your homeowners insurance very often. But, if you ever need to make a claim, it's important to know what your policy covers and what it doesn't. Here's what you need to know about homeowners insurance.
Most standard homeowners insurance policies cover four main types of perils: fire, windstorm, theft, and liability. However, there are many other types of perils that are not covered by standard policies. These include floods, earthquakes, and sinkholes. If you live in an area that is prone to any of these perils, you'll need to purchase a separate policy to be protected.
Homeowners insurance also has limits. This means that if the damage to your home exceeds the limit, you'll have to pay the difference out of your own pocket. Make sure you know what the limits are on your policy and that they're adequate to cover the value of your home.
Finally, it's important to know that your homeowners insurance policy is not a replacement for your savings. It's there to protect you in the event of a covered peril, but it won't replace your personal belongings or rebuild your home from scratch. That's why it's so important to have an emergency fund to cover these costs.
If you have any questions about your homeowners insurance, be sure to talk to your agent. They can help you understand what your policy covers and make sure you have the coverage you need.
Most standard homeowners insurance policies cover four main types of perils: fire, windstorm, theft, and liability. However, there are many other types of perils that are not covered by standard policies. These include floods, earthquakes, and sinkholes. If you live in an area that is prone to any of these perils, you'll need to purchase a separate policy to be protected.
Homeowners insurance also has limits. This means that if the damage to your home exceeds the limit, you'll have to pay the difference out of your own pocket. Make sure you know what the limits are on your policy and that they're adequate to cover the value of your home.
Finally, it's important to know that your homeowners insurance policy is not a replacement for your savings. It's there to protect you in the event of a covered peril, but it won't replace your personal belongings or rebuild your home from scratch. That's why it's so important to have an emergency fund to cover these costs.
If you have any questions about your homeowners insurance, be sure to talk to your agent. They can help you understand what your policy covers and make sure you have the coverage you need.
