For millions of people in America, home ownership is considered the biggest and most significant investment they are to make in their lives. Suffice to say, it’s not something you decide on overnight. Since this investment is relatively expensive, it only makes sense to protect it at all costs. And there’s no doubt the best way of protecting your investment is by buying home insurance.
However, while most homeowners are aware what they’re paying for in home insurance, only a handful fully understand the specifics. This is quite true when it comes to coverage.
Therefore, you must be mindful of these things once you’re about to purchase home insurance for your home, especially with regards to unexpected loss.
1 – Accidental Flooding
What this home insurance coverage focuses on is the overflow of water coming from certain things at home, like the plumbing and heating systems, as well as appliances like AC units and hot water heater; this even includes the fire sprinkler system. For instance, you water heater leaks without warning and then it results to water damage in your basement. In this regard, you must ensure that your home insurance covers the damage. Nonetheless, it is best to consult your prospective insurance companies since some water damages caused by flooding may not be covered.
2 – Fire
In the U.S. alone, about $15 billion of property is lost to fire each year. Therefore, it is your job as a homeowner to be prepared in case this unfortunate situation happens, and it usually does without warning. The good news is that majority of homeowners insurance will cover your property if it is damaged in a fire. But the guarantee of coverage doesn’t mean you no longer have to be careful enough.
3 – Theft/Burglary
Also, keep in mind that even if your home is equipped with a sophisticated security system, it always will be a target of burglary or theft. Now if you don’t have a security system installed, you should begin thinking about installing one because it might qualify you to get a substantial homeowners insurance discount.
4 – Vandalism
Lastly, even if you feel like your neighborhood is peaceful and quiet, there always will be instances of vandalism. Your home could get vandalized by kids in your neighborhood who think it’s a hilarious way to make fun of you. So, it obviously is important to get home insurance that covers vandalism of different types. In case your property gets vandalized, the first thing you must do is file a police report because the insurance company will require it once you go through the claims process.