The Basics of Home Insurance

Home insurance is there is protect one of your most valuable assets financially. The Insurance Protection Specialists serving the city of Flowood, MS would like you to know the basics of homeowners insurance. Whether you are an owner or a tenant, this information is relevant to you.

The Five Facets of Homeowners Insurance

Property Damage

This part of your policy protects your home and your belongings against perils. Perils are potential events that may cause loss like hail. The policy can either be a specified perils policy, meaning you only have cover for the perils you specify in the policy, or an all-risk policy covering all perils except specifically excluded ones like floods.

Liability Cover

This portion provides financial protection from legal liability and lawsuits due to negligence resulting in bodily injury to a third party or property damage.

Medical Payments Cover

This section pays for medical bills if a guest or third party is hurt by accident on your property and requires medical attention.

Additional Living Expenses Cover

If you cannot live in your home for reasons that meet the insurance policy requirements, then this section will pay for your motel or rental bills and possibly some extra living expenses that you may incur while your property is repaired. It is usually when your home is accidentally damaged to such an extent that it is unsafe to live there.

Other Coverage

There are other coverage options for the contents of your home not covered by the perils section and for structures not attached to the main dwelling on your property.

Depending on your requirements, cover your home as little or as much as you want in line with the value. Don’t let your home be uninsured!

Speak to the Insurance Protection Specialists serving Flowood, MS today.