Let’s start the new year on the right track. You want to be healthy, you want to manage your finances, and you want to stay safe. But at the beginning of 2013 did you think about insurance? We had a mini-series about updating your existing policies, but what if you’re lost from the start? Don’t fret! From now until the end of January we will give you a blog for each insurance policy we cover. Let’s discuss why insurance is important and how it can help you. If there is a question you’d like to ask us, please write it on our facebook wall! Is there a term you don’t understand about insurance? How does a deductible work? What’s a claim? We will be here every step of the way this month to help you out as best we can. Did you know you don’t have to “own” your home to need homeowner’s insurance? Many landlords require tenants to have coverage. Whether it is required or not is beside the point, of course; it is always a smart idea to have protection. Homeowners’ Policies Provide:
- Damage to the interior or exterior of your house – In the event of damage due to natural disasters, vandalism or other unpleasant situations, your insurer will compensate you so that your house can be repaired or even completely rebuilt. It is best to double check with your Insurance to see what kind of damaged is covered in your policy. For example, flood damage is covered your flood insurance.
- Loss or damage to your personal belongings – Clothing, furniture, appliances and most of the contents of your home are covered if they are destroyed in an insured disaster (as listed above). You can even get “off-premises” coverage so you could file a claim for lost jewelry, no matter where in the world you lost it. It is important to remember there may be a limit on the amount your insurer will reimburse you.
- Personal liability for damage or injuries caused by you or your family – This clause even includes your pets! In the instance that your dog may get out, get scared, and bite your neighbor, your insurer will pay for your medical expenses. This may also offer protection against lawsuits. It is meant to protect you and your family.
- Hotel or house rental while your home is being rebuilt or repaired – It is thought to be unlikely you’ll ever need this protection, but if you do find yourself in a situation where your house has been completely destroyed (say, by a hurricane?) or that the damage left it uninhabitable, it will undoubtedly be the best coverage you ever purchased. Under this protection, if you have the need to rent another house or live in a hotel until your home is repaired or rebuilt this portion of coverage will reimburse you for the cost of rent, hotel, restaurant meals, or other incidental costs due to this situation. There is a certain limit to be aware of and something you should definitely speak to your Insurer about.