Are All Homeowners’ Insurance Polices the Same?

Insurance needs vary from one family to the next and one home to the next. Many complex factors go into determining the ideal coverage for your home. It is best to consult with an insurance agent to determine the right mix of protection and cost to best serve the needs of your home and your family.

What is a Standard Homeowners Policy?

A standard homeowner’s insurance policy offers four types of coverage:

• Structural Protection
• Belongings/Content
• Liability
• Living Expenses (in case you are unable to live in your home because of an insured event)

The amounts of coverage will vary according to the replacement value of your home and your personal needs, along with other factors.

Is Flood Insurance Part of a Standard Home Insurance Policy?

No. Flood insurance is not part of a standard home insurance policy. You must purchase it separately. You should discuss the need for flood insurance with your agent to help decide whether coverage is the right answer for you and if so, how much coverage you need to be adequately protected in the event of a flood.

How Much Insurance Do You Need?

This is a good question for anyone in the market for insurance to ask. The key is to strike a balance between affordability and need when it comes to insurance.

Most people face updated code requirements and rebuilding expenses after fire or storms damage their homes. This makes replacement costs more than the original purchase price. Discuss your options with your insurer and decide for yourself how much coverage you’re comfortable with for your home and family.