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What is Home Insurance?



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When making a big investment, such as buying a house, it is wise to protect it as much as possible. One way to protect said property is to purchase home insurance. Home insurance is also known as homeowners insurance and it provides coverage to help rebuild or repair your home after it being damaged by accidents or the weather. This includes: a falling tree, fire, hail, lightning, smoke, theft, vandalism, wind, etc. Before reaching out to the best homeowners insurance florida company, let’s dive further in depth about home insurance.

 

What Coverages Do Home Insurance Policies Provide?

Other than the coverages mentioned in the previous section, home insurance also protects cooling and heating systems, like air conditioner, ductwork, furnace, water heater, and more, just as long as it is covered in your policy. To further explain, home insurance policies do not cover component failures, wear and tear, or whatever the manufacturers or home warranties usually cover. Home insurance typically protects your personal property and some belongings. This includes furniture, beddings, clothing, and other possessions you have in your home. For the more expensive possessions you own, like artwork, collectibles, or jewelry, you may want to purchase additional coverage to protect them, since home insurance policies have a reimbursement limit.

 

Before purchasing a homeowners insurance policy, it is crucial to determine how much coverage you need. Every home insurance policy is customizable by providing people the option to purchase more coverage for all or a specific coverage category. In addition, each policy has coverage limits that can help with the repairs or replacement of your damaged home and belongings.  Depending on the location of your property, you may want to consider purchasing earthquake or flood insurance, which are separate policies from homeowners insurance.

 

Types of Home Insurance

Actual cash value policies and replacement cost policies are two types of homeowners insurance. Actual cash value policies factor in depreciation and inflation. For example, if you renovated your kitchen and/or upgraded your kitchen appliances about 10 years ago, a percentage of the original cost will be paid off. Replacement cost policies can help allocate the increase in material and labor costs when having to reconstruct your damaged home. If you can afford it, then consider purchasing a replacement cost policy just in case an accident does occur.

 

We hope that the information we shared in this blog gave you a better understanding about homeowners insurance from a broader perspective. To help you find the best homeowners insurance florida company, reach out to a Get-a-Quote professional today. Get-a-Quote is a great insurance shopping tool that provides you personal assistance for your insurance research journey through human interaction.

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