Homeowners Insurance

Purchasing your own home is a significant milestone that can provide security and stability for both you and your family. However, as with any substantial financial investment, your home must be adequately protected. Without sufficient insurance, even a single incident could have devastating financial ramifications or result in you losing your home altogether.

How Home Insurance Works

Home insurance is a type of coverage focused on insulating you, the policyholder, from losses and damages affecting your residence. A suitable policy can provide a wide array of financial protection for many common property risks and exposures. Specifically, home insurance can generally be utilized to help pay for losses arising from the following incidents:

·        Fires and smoke

·        Explosions

·        Lightning

·        Windstorms

·        Hailstorms

·        Falling objects

·        Thefts

·        Vandalism

·        Riots

What Home Insurance Covers

A standard home insurance policy typically casts a diverse safety net across your property by providing the following forms of coverage:

·        Dwelling coverage—If your primary residence, including any attached fixtures, gets damaged by a covered event, this coverage can help pay for repairs.

·        Other structures coverage—Such coverage may help pay for potential losses impacting any detached structures on your property, such as freestanding garages, gazebos and guest houses.

·        Personal property coverage—This coverage can assist with costs related to repairing or replacing personal belongings stored in your home, including furniture, electronic devices, clothing and other valuables.

·        Personal liability coverage—If a third party, such as a neighbor or passerby, is harmed in an incident at your residence or you are otherwise found responsible for injuring them or damaging their property, this coverage may help pay for their losses and reimburse associated legal fees.

·        Loss of use coverage—If a covered event forces you to temporarily vacate your residence, this coverage can help pay for additional living expenses, such as hotel accommodations and restaurant meals.

In addition to the aforementioned components of home insurance, you may also find it necessary to augment your policy with additional protection. Depending on your circumstances, acquiring the following types of coverage may be advisable:

·        Flood insurance

·        Personal umbrella insurance

·        Earthquake insurance

·        Pet liability insurance

How Much Home Insurance Do I Need?

In most cases, home insurance is not required by law; however, lenders usually require you to carry coverage throughout the term of your mortgage. When shopping for a policy, it’s generally advisable to ensure you have enough coverage for the following:

·        Rebuilding your dwelling and any detached structures

·        Repairing or replacing personal possessions

·        Paying for temporary additional living expenses

·        Recouping third-party losses you are held liable for

Get the Right Coverage

Home insurance is a crucial form of financial protection for your residence. Without an adequate policy, you could have to pay for major losses out of pocket. Such unforeseen expenses could leave you and your family without the means to maintain your quality of life and adversely affect your future.

For nearly 30 years, the experts at Jaimes L. Fewer Agency have made it their mission to help residents in Barre and throughout central Vermont address their insurance needs. Contact us today to get started.