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Should I Have Homeowners Insurance?
Homeowners Insurance protects your home if there is damage. This insurance will also protect you, if you are liable for damage you cause to another person's property. You would not want to be without coverage if something were to happen to your home. If you have a mortgage lender, this coverage is required by your contract. What type of coverages are part of my homeowners insurance? Dwelling, personal liability, personal articles floater and temporary living expenses. Dwelling coverage, what is this? This pays for damage caused to your home. What is personal property coverage? This coverage will pay for damage to your personal items. Personal liability coverage, what is this? This coverage pays for the damage you cause to someone's property. In addition, if someone is injured at your home, this coverage will apply. What is a personal articles floater? This coverage is in addition to the coverage you have for your personal property coverage. For example, if your regular personal property coverage will cover your jewelry up to $5,000 and your jewelry is worth $20,000, you will need a floater to cover the additional $15,000. Will increasing my deductible on my insurance policy lower the cost of my insurance? Yes. However, remember to select a deductible you will be able to pay if you have a claim.
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