It’s no secret that home ownership is the biggest investment you’ll make in your life. It’s not like buying a car or new computer where you get to decide after just a couple of days. And considering the fact that it’s an investment you can’t afford to fail on, it only means you should take care of and protect it the best way you can. And there’s no doubt the best way of protecting your investment is by 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.
So, if you’re just about to purchase insurance for your home, make sure it covers the following things if unforeseen loss happens.
1 – Accidental and Unexpected Flooding
This is a type of home insurance coverage that focuses on the overflow of water from various stuff within your home, including appliances and systems like heating and air conditioning, plumbing, sprinkler system, and others. 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 example, your home insurance should cover the damage. But be reminded that there are also certain exceptions when water damage to your home is caused by flooding.
2 – Fire
About $15 billion worth of residential property is lost to a fire every year in the U.S. This only means that as a homeowner, you have to be prepared for a scenario like this. Luckily, most if not all homeowners insurance policies today already have fire damage covered in case your home becomes a victim of it. But the guarantee of coverage doesn’t mean you no longer have to be careful enough.
Moreover, your home is and will always be a potential target of burglars, regardless of how advanced your home security system might be. But if you haven’t installed one just yet, it is best to purchase one right now because doing so may qualify you for a huge homeowners insurance discount.
4 – Vandalism
Lastly, even if you feel like your neighborhood is peaceful and quiet, there always will be instances of vandalism. Vandalism usually is carried out by bad elements and gangs from surrounding neighborhoods or from neighborhood teens who consider it fun. As such, look for home insurance that covers in its policy instances of vandalism that in one way or another damage your home or cause major aesthetic degradation to it. But in the event that your home is vandalized and you have your insurance policy to cover it, you still have to file a police report because that paperwork will be used in the claims process.