Since your home is one of your largest investments, home insurance is designed to protect your finances. While auto insurance is required in Indiana, home insurance doesn’t have the same statewide mandate. Many mortgage companies do require that you have home insurance during your loan and will ask for proof of insurance before you close. This is because it protects the lender’s investment should something go wrong.
Your home insurance policy will cover some standard things but it’s always best to check with your agent at Borman Insurance Group to know what is covered.
Dwelling Protection: Your dwelling will be protected from fire and other risks, such as wind and hail. You want to have enough dwelling protection to cover the cost of rebuilding your home and you can always increase it from there.
Other Structures: Your house may not be the only structure on your property that could be damaged. This protects other structures not attached to your home, such as the carport and gazebo.
Personal Property Protection: Your valuables are more than just items in your home and can be a big part of your life. Just like with your home structure, you want to make sure these items are protected. Your policy should cover common belongings, such as clothing and furniture, but you can need extra coverage for expensive items, such as jewelry or electronics. There is a difference between replacement cost and actual cash value. With actual cash value, you will only be paid the value of your items minus depreciation so you may want to consider replacement cost coverage.
Liability Protection: Not only does home insurance cover your home and its contents but it also protects you from liability. If someone is injured at your home or a member of your family damages someone else’s property, you will have protection against damages and legal costs.
Additional Living Expenses: If you aren’t able to live in your home after a covered disaster, you can get help paying for your additional expenses, such as hotel costs.
Contact Borman Insurance Group to get a quote on home insurance.