A home is the most valuable thing most of us will ever own. Make sure it is protected with homeowners’ insurance. The Gill Insurance Agency, serving the Plainfield, IN area, can help.
The four main components of a homeowners’ insurance policy:
This policy covers the dwelling or home, other structures, such as garages and storage sheds, personal property, and liability coverage. In the event of a total loss, insurance will be the primary source for rebuilding your home. It also provides liability coverage in the event of legal actions for damage or injuries to another person on their property.
Homeowners insurance will protect the equity you have in your property. Without it, you could face not only losing your home but any increase in value that has accrued.
One of the most important parts of homeowners insurance is the level of coverage
Don’t pay for more coverage than you need. The most common policy is the HO-2. It is a broad policy that protects against a wide range of perils as outlined in the policy.
There are some things homeowners insurance does not cover
Insect or termite damage, rodent or bird damage, mold, rot, rust, and general wear and tear are not covered. Also, damage from smog or smoke from agricultural or industrial sites is not covered. A home that has been poorly constructed or has a hidden defect also will not be covered.
In addition, if you are carrying a mortgage on the property, your lender will require that you have homeowners insurance. They want their interests protected in the event of a total loss of property.
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Even if you own your property free and clear, homeowners insurance is still a sound financial decision to make. In the event of a lawsuit, and you own your home outright, you face the risk of losing it.
Don’t take risks with your most valuable asset. Contact the Gill Insurance Agency in Plainfield, IN today for a quote. You will be glad you did.
