If you are in the process of buying a home, you may have a lot of questions about homeowner’s insurance. Particularly if this is going to be the first home that you own, you may be uncertain whether or not homeowner’s insurance is really necessary. To help you make this important decision regarding your home’s security, here is a quick look at some of the most frequently asked questions we receive about homeowner’s insurance.
Do I Really Need Homeowner’s Insurance?
While it may seem to some people like an unnecessary expense, it is critical that you purchase homeowner’s insurance. Your home is one of your biggest investments, which is why it is important that you take steps to protect it. Should your home be damaged, broken into, or destroyed, homeowner’s insurance can help you to get back on your feet. This makes it critical that all homeowners purchase homeowner’s insurance. Not only is homeowner’s insurance critical in protecting you from the unknown, but it also may be required by your HOA or mortgage lender.
What Does Homeowner’s Insurance Cover?
Homeowner’s insurance protects you from covered losses including damage from certain natural disasters as well as damage caused by acts of vandalism. Your insurance policy can also help you to replace belongings lost due to theft or natural disaster, and it can provide you with alternative temporary housing if your home is damaged or destroyed. Ultimately, what your homeowner’s insurance policy will cover depends on the policy you choose, which is why it is critical that you review coverage options carefully.
How Much Homeowner’s Insurance Do I Need?
This may lead you to wonder how much coverage you need. Ultimately, this will depend on how large a premium can pay, and how big of a risk you are willing to take. For instance, would you rather pay a lower premium but risk having to pay a high deductible if something goes wrong? These are things that you will need to consider. You should try to find a policy that will cover replacement value for personal belongings lost due to theft or damage. Additionally, if you live in an area prone to earthquakes or flooding, you may need to consider taking out a supplemental insurance policy to cover these disasters. Make sure that the insurance policy you choose covers personal liability so that you are protected in the event that someone is injured on your property and tries to sue you for damages.
If you would to like to discuss your options for homeowners insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.