Your home is likely the biggest investment you will make in your lifetime, so it's vital to protect your property. There are many aspects of home insurance to consider when you are selecting a policy.
A standard home insurance policy covers most potential perils. These include fire, storm damage, theft, and vandalism. It covers your home's structure and your personal property. It covers your liability if someone is injured on your property as well.
Most policies will cover detached structures at 10% of the total dwelling coverage. This includes detached garages, sheds, and even fences. If your detached structures are worth more than 10% of your overall coverage, you can purchase additional coverage for detached structures.
Your policy will have a coverage amount for personal property as well. If you have specific items that are high value like jewelry or antiques, you may want to insure these items independently. Standard personal property protection doesn't cover high-value items.
Loss of use coverage will cover your living expenses if your home becomes uninhabitable. It will pay for items like shelter and food while your home is being repaired. This can help you get back on your feet if your home is damaged and reduce the financial strain.
Most mortgage companies will require you to have home insurance. This often includes flood insurance, which isn't covered on standard home policies. You may choose to purchase earthquake insurance as well.
Water back up coverage is often recommended. If water overflows from a sump pump, sewer, or drain in your home, it may not be covered by standard coverage.
If you need new home insurance or you would like to update your home insurance policy in Rhode Island, contact us at Caluori Insurance. We can help you select the right coverage for your needs.
