Do you have enough homeowners insurance? Your home insurance can help protect you financially against liability lawsuits, fires, and more—but only if you have enough coverage. In this article, we’ll go through seven common scenarios that demonstrate just how important having enough home insurance is in order to help pay for covered losses to your home and help protect your assets when you have a covered loss.
Scenarios Where Homeowners Insurance Is Valuable
1. Someone is injured on your property.
If someone is injured on your property, and your negligence caused the accident and the person’s injuries, you could be responsible for that person’s accident-related damages. This can include medical bills, lost wages, and even pain and suffering. That means if a delivery person slips on your front porch or your child’s friend gets hurt playing on your swing set, and your negligence cause the accident and their injuries, you could be held responsible for any bills and costs they might incur.
These sorts of liability cases can have large financial consequences. That’s why having enough homeowners liability insurance can be critical in helping protect you and your assets from an accident at home. How do you know if you have enough? Call one of our expert insurance advisors today to review your policy and your needs at (844) 522-0543.>
2. You or a member/pet of the household are liable for someone’s damages.
Your home insurance liability can also help cover personal liability not related to your property. For example, if your pet bites someone (as long as your policy will cover your pet), your liability insurance could help cover that person’s damages if you are found responsible.
If you or a member of your household (pets included) are negligent and cause damage to another person or their property, you could be responsible for those damages. But home insurance liability insurance can be there to help protect you financially from these kinds of liability-related exposures.
We live in a litigious society, so it never hurts to ensure you have enough homeowners liability and umbrella insurance to help protect your assets. Make sure you have enough liability insurance here.
Compare home insurance quotes with one of our expert insurance advisors at (844) 522-0543 today.
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3. Your home is broken into.
Your homeowners personal property coverage can help when someone breaks into your home. It can help cover the replacement cost of your belongings that are stolen or vandalized, subject to your deductible, the type of coverage you have and your policy limits. Theft is a common homeowner insurance claim.
Recommended read: How much personal property coverage do you really need?
4. Your belongings are stolen outside the home.
Did you know that your home insurance contents coverage can also help protect your belongings up to a certain limit if they are stolen or damaged (by a covered peril) off of your property? If you are at a coffee shop and someone spills coffee on your laptop, your contents coverage can step in to help cover the replacement cost of the item, subject to your deductible, the type of coverage you have, any applicable sub-limits, and your policy limits. You may also find your homeowners policy has a special limit on items away from your home that’s a percentage of your total contents limits.
Want to insure collectors or high-value items? You may need a special rider or endorsement for more valuable pieces. Check out this guide to insuring valuables with homeowners insurance to learn more or call one of our licensed agents at (844) 522-0543
5. There’s a fire
A fire can completely destroy your belongings, appliances, and home structure. This could result in thousands—if not hundreds of thousands—of dollars in damages. Thankfully, your home insurance was designed to help protect you in this kind of scenario. That’s why it’s so important to make sure your policy limits for dwelling and contents coverages are sufficient to cover your structure and belongings for a covered loss, so you aren’t left with a huge gap in coverage if you run into a devastating incident. Learn how to determine if you have enough home insurance here.
6. You have to live elsewhere while your home is being repaired post-incident.
If the structure of your home was damaged due to a covered peril, you may temporarily need to move into a hotel or another residence while your home is being repaired. Racking up hotel bills (oftentimes on top of your home mortgage, which you still have to pay) can quickly become financially burdensome for most families. Make sure your home policy has “additional living expenses” or “loss of use” coverage, which can help cover any extra expenses incurred (like hotels, food, etc.) while you’re unable to live in your home because of a covered loss.
7. You have trampolines and pools on your property.
Trampolines, pools, swing sets, tree houses, and other sorts of “fun” equipment can put your property at a greater risk of having injuries occur on your property. So, make sure you talk to your insurance agent about any “fun” features on your property that could put you at risk to make sure you have adequate liability coverage limits for life’s possible mayhems.
Do you have enough home insurance? <
If you don’t feel 100% confident that your home and belongings are adequately covered in the above scenarios, it’s time to consult a licensed insurance agent to review your policy limits and coverage options. Your agent can help determine whether you have the right coverage in place and areas where you may want to consider additional coverages or supplemental policies, like umbrella or flood insurance.
At InsuraMatch, our licensed agents are focused on making sure you have the right coverage for your needs. Contact an advisor now to discuss your unique home insurance situation and needs with no risk and no obligation—just good advice on getting enough home insurance for your family.
Compare home insurance quotes with one of our expert insurance advisors at (844) 522-0543 today.
Not by the phone? Compare quotes in just minutes online: