For so many people out there, buying a home and the corresponding ownership of it is one of the biggest and most important investments in an entire lifetime. It’s not like buying a car or new computer where you get to decide after just a couple of days. It’s also something you need to protect. Undoubtedly the most practical method of protection for your property investment is by buying home insurance.
However, while most homeowners are aware what they’re paying for in home insurance, only a handful fully understand the specifics. This is particularly true when it comes to being aware what the insurance policy really covers.
Therefore, you must be mindful of these things once you’re about to purchase home insurance for your home, especially with regards to unexpected loss.
1 – Unexpected, Sudden, and Accidental Flooding
This coverage literally focuses on stuff that can lead or cause overflow of water like appliances and systems such as plumbing, automatic fire sprinklers, heating systems, air conditioning units, and hot water heaters A good example of this is when your water heater suddenly leaks and you see that the water has already flooded the basement and caused significant water damage. So, in this example, you must look for home insurance policy that covers this type of damage. But you do have to be reminded that certain water damages in your home caused by flooding may not be covered, too.
2 – Fire
In the United States, it is estimated that $15 billion of private property is lost to fire each year. It is therefore imperative to be always prepared when this situation happens to you. Luckily, most if not all homeowners insurance policies today already have fire damage covered in case your home becomes a victim of it. But the guarantee of coverage doesn’t mean you no longer have to be careful enough.
3 – Theft/Burglary
Burglaries happen even to the most sophisticated homes with high-end security systems. But if you haven’t installed one just yet, it is best to purchase one right now because doing so may qualify you for a huge homeowners insurance discount.
4 – Vandalism
Lastly, even if you feel like your neighborhood is peaceful and quiet, there always will be instances of vandalism. Your home could get vandalized by kids in your neighborhood who think it’s a hilarious way to make fun of you. So, it obviously is important to get home insurance that covers vandalism of different types. But be reminded that once you become a victim of vandalism, you have to file a police report since your insurance company will require that piece of paperwork to ensure your claims process will be smooth and hassle-free.