What is a Homeowners Policy?
Homeowners insurance is made up of coverages that may help pay to repair or replace your home and belongings if they are damaged by certain perils, such as fire or theft. It may also help cover costs if you accidentally damage another person's property or if a visitor is injured at your home.
Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms and hail. But, it's important to know that not all natural disasters are covered by homeowners insurance.
Why Do I Need Homeowners Insurance?
It is mostly required: Homeowners insurance is required by your mortgage lender: While it's not a state requirement like auto insurance, you typically need homeowners insurance if you're financing your house. Home insurance guards your lender's investment from loss or damage caused by covered risks like a fire or vandalism.
Homeowners insurance protects your home from loss: Standard homeowners insurance safeguards your home and unattached structures on your property from a multitude of hazards, including wind damage, fire, vandalism, tornadoes, hurricanes, and thunderstorms. Whether a small portion of your property is damaged or your entire house is leveled, the coverage on your average home policy steps in to help pay for repairs and replacements so you're not left footing the bill.
Home insurance offers peace of mind: With homeowners insurance, you can sleep a little sounder at night knowing that you have a veritable safety net if anything ever happens to your largest investment. Additionally, if most of your home is paid off, you've obviously put a lot of hard-earned cash into it at that point. If something ever happens to your place, your insurer is there to make sure you don't lose any of that hard-sought value you've diligently earned over the years.
What Does Homeowners Insurance Cover?
In general, a homeowners policy will cover your dwelling and other structures on your property as well as personal property and a bit of liability protection.
Dwelling Protection
One of the basic coverages of a homeowners insurance policy is dwelling protection, which helps cover the structure of the home in which you live (e.g. the house's foundation, walls and roof). Dwelling protection may also help cover other structures that are attached to the home, such as a garage or a deck, against certain risks.
Personal Property Protection
Homeowners insurance doesn't just help cover damage to your home. It may also provide coverage for the personal belongings you keep within it. Suppose your electronics are stolen from your home or your furniture is damaged by a fire. Personal property protection may help pay to repair or replace your belongings if they are damaged or destroyed.
Liability Protection
A typical homeowners insurance policy provides liability coverage when someone not living with you is injured while on your property. Bodily injury liability coverage may help pay for your resulting legal expenses or the visitor's associated medical bills if you are found at fault. You may be able to increase your liability coverage limits by adding a personal umbrella policy.
What Does Homeowners Insurance Usually Cost?
The average annual homeowners insurance premium is around $1,200, but costs vary widely from state to state and house to house.The costs of homeowners insurance depend on a number of factors, including the coverages you select, features of your home and the value of your personal belongings. There may also be extra costs for additional coverage or increased coverage limits.
It's important to keep in mind that coverages come with limits — the maximum amount your insurance policy will pay toward a covered claim. When selecting your coverage limits, be sure to consider things like the potential cost of rebuilding your home or replacing your belongings. That way, you can be better prepared if your home or belongings are damaged or destroyed by a fire or other covered peril.
Remember that many coverages have deductibles, as well. A deductible is the amount you must pay before your insurance benefits kick in to help reimburse you for a covered claim.
We specialize in offering popular insurance products for the new industry norm given the 2020 pandemic.
Contact us now to talk to a professional.
We Are Insurance Experts
We have over 10,000 satisfied customers and 30+ years of insurance experience. We have seen it all and can get you the best package for your needs.
Best Value
at Cheapest Rate
We get you the best value for your dollar on all insurance products. No hidden costs and no surprises.
No Hassle
3-Minute Quote
We don't hassle you with pushy sales pitches. Fill out our one pager quote sheet in far less time than others.
Anonymous Quotes
No Spam
We only require some basic info for a generic quote. No need to provide sensitive information and no spam.
Providing People with Protection Everywhere
PeoplesAlly is trusted by thousands of businesses no matter what size. We can help you meet your insurance needs in any industry or line of business.
Select an industry:
There are many kinds of insurance out there, but as an accounting & finance business owner, you have very unique needs. At PeoplesAlly, we’ll help you understand what kind of insurance is best for you. Just fill out a simple form online or speak with one of our licensed insurance experts to get a free quote. Plus, with PeoplesAlly, you can purchase a policy, manage it, and submit claims online for ultimate convenience.
WHAT PEOPLE SAY
“The PeoplesAlly team is extremely knowledgeable and will work hard to find you the best quality and price available. Very professional, no bait and switch, and will give you the bottom line even if it means losing you as a customer. I appreciate honesty rather than sleazy sales people.
— Samantha D
Learn More
Find out more about what makes us a great company. Learn the basics of various insurance policies we offer. Keep up with the latest news and resources.
