Homeowners Insurance

Your home is likely one of your most significant investments. But homeownership comes with risks that could threaten the financial stake you have in your home. Homeowners insurance is one way to protect yourself against costly losses.

The right homeowners insurance is just a few clicks away. Contact The Peterson Agency in Burlington, North Carolina, to get started with a free homeowners insurance quote.

How Does Homeowners Insurance Work?

Homeowners insurance, also called home insurance, is a legally binding contract between you and your insurance company. In exchange for your premiums, they will pay for covered losses up to your policy limits.

What Does Homeowners Insurance Cover?

Your home insurance policy can provide personal liability coverage and help pay for property damage to your home and surrounding structures. Although individual policies may vary, here are some common home insurance coverages:

·       Personal liability coverage can help cover costs (e.g., legal fees, medical bills, lost wages) associated with allegations that you caused third-party bodily injury or property damage.

·       Dwelling coverage can help pay for property damage to structural aspects of your home due to covered perils.

·       Other structures coverage can help cover costs arising from damage to other structures on your property (e.g., detached garage, fences).

·       Personal property coverage can help pay for damage to your belongings from covered losses.

·       Additional living expenses can help pay for your living costs (e.g., meals, hotels) if property damage from a covered peril forces you to vacate your home temporarily.

Ask your insurance agent if you could benefit from additional home insurance coverages. If you live in a high-risk area, for example, a separate flood insurance policy may be needed to ensure you have sufficient protection against flood damages.

How Much Homeowners Insurance Do I Need?

Although home insurance is not legally required, most mortgage lenders will mandate it for you to receive a loan. Generally, it’s recommended that you secure enough home insurance to completely rebuild your home if it’s destroyed.

Most homeowners insurance policies come with $100,000 of personal liability coverage; however, greater limits may be available. If you have investments or savings worth more than your current policy coverage, consider increasing your personal liability coverage limits.

How Much Does Homeowners Insurance Cost?

The cost of your home insurance will vary with numerous factors, including the following:

·       Coverage limits and amount

·       Location

·       Claims history

·       Credit history

·       Home age and condition

·       Your deductible

In some cases, you may be able to receive a potential discount on your home insurance policy by bundling your home and auto insurance coverage. Ask your insurance agent about multi-policy discounts.

How Many Homeowners Insurance Quotes Should I Get?

A homeowners insurance quote is a personalized estimate of how much you will pay for home insurance. To ensure you’re getting the best price, you should shop around for multiple insurance quotes from home insurance companies. Although the right number of home insurance quotes will vary with your insurance needs, you might want to consider getting at least three home insurance quotes before making your decision.

How Do I Get Homeowners Insurance?

We’re here to help you find the protection you deserve. Contact The Peterson Agency to speak to an insurance agent today and learn more about your home insurance coverage.