What Is Covered By Home Insurance And What Is NOT?
Posted by Legacy Insurance Group on
Buying a home is one of, if not the most expensive purchase one is likely to make during their adult lifetime. If you are going into buying a home with the same mindset that you had when you bought your first car insurance policy, you are in for a world of hurt! The reason being is that most people are solicited by advertising agencies disguised as insurers and conditioned to buy the cheapest home and insurance they can find. This is a mistake and the old adage of “you get what you pay for” remains true. After working with thousands of homeowners over the past decade, we can confidently say that having a complete understanding of what your home insurance covers and being aware of what it does not will aid you greatly as a homeowner. Read on as we explain everything you need to know as a homeowner when buying home insurance:
What Does My Home Insurance Policy Cover?
The answer is it really depends! Home Insurance Plans are not created equal and you get what you pay for. That’s why it’s very important to deal with a trusted local agent that can help you make sense of confusion. There are Named Peril policies and there are Comprehensive Peril Policies. Named Peril policies will only cover named storms such as Hail, Wind & Hurricane. Sometimes the insurer will give you a deductible that is a % of the amount your home is insured for. You should avoid these policies completely as the deductible will end up being several thousands of dollars! At Legacy Insurance Group, we only Recommend Comprehensive Peril Policies. This means that aside from industry-wide exclusions such as Earthquake and Flood insurance, your policy has built in coverage for everything else. This includes coverage that is not specifically mentioned in the home insurance policy.
A Comprehensive Peril Policy will cover EVERYTHING minus the typical industry wide exclusions such as Flood & Earthquake. This means you will have coverage for Wind, Hail, Hurricane, Fire, Smoke Damage, Vandalism, Burglary, Lightning, Falling Objects, Weight Of Snow, Water & Sewage Backup, Underground Service Lines, and Mechanical Breakdown of your Major Home’s Appliances
What If I Buy Cheap Home Insurance?
Many people buy cheap home insurance and regret it when it comes time to filing an important claim caused by damage not covered under their homeowners insurance policy. Be Careful Not to Be Pennywise & Pound Foolish. Skimping On Your Home Insurance will likely lead to a poor claims experience when you need coverage for unexpected events. However, if you are working with a local agent at Legacy Insurance Group, you will have 100% understanding of what your policy covers and peace of mind that we’ll be there for you during your time of need. Call us today for a quote!
Learn more about Home Insurance in Sterling, VA by calling us at 703-430-1200 to speak with an insurance expert! You can easily apply for a quote by clicking HERE