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Homeowners insurance is protection for your home that covers various situations that may impact your home, such as natural disasters, theft, injuries, home equity, and vandalism and even covers you if you’re liable for injury to another person or damage to their property.
A regular homeowner’s policy is meant to guard your property from unexpected events. It can help cover damage from:
The amount of home insurance coverage you need depends on a number of factors. But most importantly, you should have enough protection to cover the costs of rebuilding your home and replacing all of your possessions in the event of the unexpected.
No. You can own a home without homeowners insurance, but it isn’t advised. Unexpected events can and do happen, so it’s worth the investment. However, if you finance your home with a mortgage , your lender most likely will require you to insure it. Also keep in mind if you live in a flood zone, your lender may require you to also purchase Flood insurance.
When figuring out how to choose home insurance, consider these key questions:
Yes, you can adjust your coverage. If you are planning on any home renovations , such as a newly furnished basement or kitchen, your home’s value is likely to increase. You’ll want to make sure you get additional coverage to match your home’s new value.
Homeowners insurance covers personal injuries as long as your policy includes personal liability coverage. If someone is hurt at your house or on your property, as a result of an accident or any kind of unintentional mishap, the liability provision of your homeowners’ insurance policy will typically kick in to cover any personal injury claim that is filed.
The only injuries that will be covered are those in which a person is injured as a result of negligence on your part.
You decide. As the homeowner, you get to select the insurer and the coverage that’s right for you, as long as your coverage meets the minimum requirements set by your mortgage company.
The post Homeowner’s Insurance FAQs appeared first on Owings Mills & Lutherville Mortgage.
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