The law doesn’t require that you have homeowner’s insurance. However, if you owe money on the home, then the lender will most likely require it. Even though you may not be legally required to have home insurance, it’s still a good idea for several reasons.
There are several types of coverages combined into one policy. Dwelling coverage will protect you if your house is destroyed or damaged by a covered peril. Personal property coverage covers your belongings, such as clothing or furniture, if they are damaged, destroyed, or stolen. Other structures coverage repairs structures on the property not attached to your homes, such as detached storage sheds, fences, and garages. Loss of use coverage pays for some extra living expenses if you are unable to live in your home after a disaster. These additional expenses include food, rent, and costs you wouldn’t normally have if still in your home.
Personal liability coverage pays for lost wages, medical bills, and costs for those you are responsible for injuring. It will also pay for accidental damages to someone else’s property. If you are sued because of the accident, it will pay for court costs. Medical payments coverage pays medical bills for those who get injured at your property. It may also pay for injuries that happen away from home. For example, if your dog bites someone at a local park, you may be covered. Your policy will either provide actual cash value coverage or replacement cost coverage. If you want to be best protected, you should choose replacement cost coverage.
You should always check with your agent at Kathye Carpenter Agency, LLC to see what risks are covered and not covered under your specific policy. Most policies will cover damages from explosions, theft, lightning, fire, vandalism, and windstorms. However, policies likely won’t cover flooding, termites, rats, insects, wear and tear, or earth movement.
Contact Kathye Carpenter Agency, LLC to get a quote on home insurance.