Are you thinking about purchasing a home? Did you know that if you carry a mortgage on your home, all lenders typically require you to purchase homeowners’ insurance to protect their interests? The Insurance Center of Green Valley, serving in and around the Green Valley, AZ area, can get you started with a homeowner’s policy.
Here are some benefits of a homeowners’ insurance policy.
- Homeowners’ insurance protects your home in case of a total loss due to a fire or extensive damage due to weather. Your home should be insured for 100% of its value, but 80% to 90% is standard. It covers all damage, and most insurance policies will provide replacement costs.
- Your detached structures, like a garage, storage shed, fences, and doghouse, will be covered. Detached structures are covered up to a certain percentage of the coverage limit but can be customized if you want more coverage for detached structures.
- Before purchasing insurance, inventory everything inside the home – the appliances, furniture, electronics, clothing, or anything you own the policy would cover. You can be reimbursed partially or totally if a storm destroys or damages the property.
- Liability coverage is an essential part of a homeowners’ insurance policy. If someone should get hurt on your property, or if your dog bites a guest and a lawsuit results, you could be faced with thousands in medical bills or a lawsuit.
- Hotel, food, and travel expenses will be provided if you cannot occupy your home during repairs or rebuilding. The loss of use benefit provides this for you.
The Insurance Center of Green Valley can provide a quote or answer any questions about this vital coverage. Contact our team today.