Whether caused by hail, wind, fire, burglary, vandalism or something else, damage to your home can be costly. Your homeowners insurance policy is there to protect you, so you can get back on your feet quickly after a loss.
If you have a mortgage on your property, your mortgage lender will require a minimum amount of hazard insurance coverage to protect their interest in the home. That basic level of coverage may not be enough to cover your personal property and belongings, garages or other structures on the property, or your personal liability for injuries sustained in or around your home.
Your policy should provide adequate coverage to protect you from personal liability in the event someone else is injured on your property. This element of coverage is there to pay for things like the injured person’s medical expenses, rehabilitation and sometimes even lost wages for a period of time, up to predefined policy limits. This liability coverage also protects you in case you are sued by someone who feels reputational harm was done to them either by you or someone in your home. In a similar fashion, liability coverage is expanding into the realm of the internet, offering policyholders help and assistance in any number of ways that relate to social media hazing or internet bullying.
The amount of coverage you have on your home should cover the costs needed to rebuild your home; this is often more than the current real estate value of the home. While it may be tempting to save money by reducing coverage to a lower amount, you could end up in a situation where the insurance proceeds are insufficient when you actually need them.
The experienced insurance professionals at Hurley Agency can help make sure your coverage is sufficient and appropriate, while keeping an eye on costs. With access to a wide array of well-known insurance companies, we can help you find affordable coverage that will be there for you if you ever need it.
Advice from Chubb