For millions of people in America, home ownership is considered the biggest and most significant investment they are to make in their lives. So, it’s not really something you think about and decide on in a couple of days or overnight. It’s also something you need to protect. To do this, you need to seriously consider buying home insurance.
Unfortunately, while majority of homeowners in the U.S. understand and acknowledge the importance of home insurance, not everyone is well-versed as to its specifics. This is particularly true when it comes to being aware what the insurance policy really covers.
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 – Unexpected, Sudden, and 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. One common example is when your water heater leaks and it floods your basement, leading to water damage to your carpets and floors. In this regard, you must ensure that your home insurance covers the damage. But be reminded that there are also certain exceptions when water damage to your home is caused by flooding.
2 – Fire
In the U.S. alone, about $15 billion of property is lost to fire each year. It is therefore imperative to be always prepared when this situation happens to you. Fortunately for you, majority if not all homeowners insurance policies will cover your property in case it is damaged by 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
Never mind the fact that you live in a quiet and peaceful neighborhood; the fact is there will always be dangers of vandalism. Vandalism usually is carried out by bad elements and gangs from surrounding neighborhoods or from neighborhood teens who consider it fun. With this in mind, it makes perfect sense to buy a home insurance policy that covers a vandalized property, whether it’s a small or major one, causing aesthetic damage to your home in the process. 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.