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A home is arguably the biggest investment that most people make in their lifetime. That underscores the importance of a house in the contemporary world and why it needs to be jealously protected.
One of the best ways of making sure that your investment is safe is by purchasing home insurance. Various homeowner’s policies will cover your structure, personal belongings, liability claims, and medical payments, among others.
If you’re a homeowner in West Bloomfield, MI, Agency Advantage Insurance has compiled this guide to help you choose the best home insurance coverage for your home.
What is Homeowners Insurance
This coverage protects your home if an event under your policy causes damages to your home structure or personal belongings. You also get protection against injuries that you cause to someone else or property damage.
The three main reasons you need home insurance is to:
- Repair your home structure if damaged
- Repair or replace personal items
- Cover liability for anyone injured or property damaged in your home
Types of Homeowners Insurance
You get various forms of protection with home insurance depending on what you’d like to cover. Some will offer more coverage than others. Therefore, you must know the difference as you look for home insurance.
Here we’ll look at the two most common coverages.
HO-3 insurance
It is the most common form of homeowners insurance and is a must-have if you have a mortgage. It covers any damage to your home from any cause except what the policy specifically excludes. Usually, floods and earthquakes are exceptions.
For personal belongings, homeowners insurance has 16 named perils that it will cover unless you purchase additional coverage.
HO-5 Insurance
This policy has extensive coverage than HO-3. It protects you against all causes except for those excluded in the policy.
This policy is offered under different forms by various insurers. You, therefore, need to talk to our agents at Agency Advantage Insurance for more information about this coverage.
Choose Your Home Insurance Policy Today
Before purchasing homeowners insurance, you need to work with professionals who understand what various policies cover. A home is your biggest investment, and it deserves the best protection.
For homeowners in West Bloomfield, MI, reach out to us for more information regarding this coverage.
