Your home is typically the most expensive asset an individual owns, and if destroyed, would leave you in great financial hardship.
Homeowners insurance combines various personal insurance protections, which can include: losses to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy’s territory.
A typical homeowners policy will cover eleven types of disasters, including explosions, riots, wind, aircraft, fire, lightning, volcanic eruptions, auto accidents, vandalism, theft, smoke, and structural accidents. Different policies include condo insurance, which would protect only the interior of the home, including the sheetrock walls, light fixtures, and cosmetics of the home, but not the foundation or structural elements. Many home insurance policies tend to include the basic disasters, but some may be extended to cover a wider range, like water damage from inside source (i.e. burst pipes), and electrical problems, like a power surge damaging a computer or other electronic device.
The premium of a home insurance policy varies and typically depends on the cost to replace the property (including contents and personal possessions) and will also factor in the likelihood of the home being damaged or destroyed. Deductibles also vary and will affect the annual price of the policy.
It is important to understand that the replacement value of your home is based on your insurance company’s estimate of the cost to rebuild your home on your property, not on the purchase price or appraised value of the home.
For more information about the products and services available through our insurance partner, visit www.CapstoneInsuranceGroup.com or call 727.937.4291.