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Is Your Home Prepared for the New Year?
Now is the best time to consider covering all of your bases for the upcoming year. There will be times in everyone’s life where the unexpected will happen, so it’s best to be ready. Insurance coverage goes a long way to securing what you own. A home is one of the biggest investments you’ll make, so it only makes sense to have coverage.
What an Insurance Plan Covers
Dwelling insurance refers to a homeowner’s policy that protects the house and any attached or related structures, including fences and sheds. It takes effect in the event of a fire, theft, vandalism or other hazard. On the other hand, liability insurance protects you or anyone injured on your property.
If you own special collections, expensive jewelry or other prized items, it is often advised to add personal property insurance to your home. Temporary living expenses will cover hotel stays and food and/or transportation in the event your home is uninhabitable due to an unforeseen but covered event.
Reasons to Get Covered
There are many reasons to be insured, which include:
- Your Mortgage Requires It – If you are buying a new home or refinancing with a bank on your mortgage, most banks and lenders will insist to be covered before a loan is granted. This protects the lender’s investment in case damage occurs.
- Lawsuit Protection – How can someone file a lawsuit against you for damages that have happened on your own property? It happens. For example, if your dog bites someone who is visiting your home or property, your insurance could cover and protect you against a lawsuit.
- Covering Your Losses – With dwelling insurance, you can repair or replace your house if it is destroyed or damaged by a fire, tornado, hurricane or most types of natural disasters aside from floods and earthquakes.
- Replacing Lost Belongings – With actual cash value or replacement cost coverage, you can replace belongings lost by damage that include, but are not limited to: furniture, appliances, clothing and other personal items.
- Equity – Homeowners insurance makes sure that if something happens to your home, you won’t have to start building equity all over again.
- Natural Disasters – In the event of an unexpected windstorm, hurricane or tornado, this plan takes effect. However, be advised that some specific natural disaster coverage, such as earthquakes and flooding, must be purchased separately.
- Theft – A homeowner’s policy will reimburse for the actual cash value or replacement costs for items stolen from your home. An inventory or claim of items will be required.
Coverage When You Need it
Accidents can and will happen. Know that if something unfortunate happens to your home, an insurance plan can prevent serious hassles from occurring. Shepard Walton King will help you find the coverage you need, so visit us in McAllen to get started.