What Is Homeowners Insurance And Why Do You Need It?
Homeowners insurance is a type of property insurance that provides financial protection for homeowners in the event of damage or loss to their property and belongings. It typically covers risks like fire, theft, vandalism, storms, and other disasters, depending on the policy. In addition to covering the physical structure of the home, homeowners insurance can also cover personal belongings, liability for accidents that occur on the property, and temporary living expenses if the home becomes uninhabitable due to a covered event. Follmer Insurance Services provides homeowners insurance in Ann Arbor, Howell, South Lyon, Pinckney, Brighton, MI and surrounding areas.
These are some key components of a standard homeowners insurance policy:
Dwelling Coverage: Protects the physical structure of your home, including the walls, roof, and floors, from damage caused by events such as fire, windstorms, or hail.
Personal Property Coverage: Covers your belongings, such as furniture, electronics, and clothing, if they are damaged, stolen, or destroyed by a covered peril.
Liability Coverage: Protects you if someone is injured on your property and you are found legally responsible, covering legal fees, medical bills, and any settlements.
Loss of Use Coverage: Pays for additional living expenses, such as hotel stays or temporary housing, if your home is damaged and uninhabitable while being repaired.
Other Structures Coverage: Covers structures that are not attached to your home, like a garage, fence, or shed.
Why do you need homeowners insurance?
Protection Against Loss: Homeowners insurance provides financial protection against disasters or theft that could result in substantial costs for repairs or replacements.
Mortgage Requirement: Most mortgage lenders require homeowners insurance as a condition of the loan to protect their investment in the property.
Liability Protection: It offers protection if someone gets injured on your property and you are sued for damages.
Peace of Mind: Homeowners insurance provides peace of mind by reducing the financial impact of unexpected events, ensuring you won’t be left facing large, unexpected expenses.
If you have any questions, please do not hesitate to call us.
