Homeowner’s Insurance Quotes & Coverage

Your home is probably the most valuable asset you have.  It is more that just a roof, walls, floors and rooms. And with Covid-19, we are all spending more time in our homes.  We are working, educating our children, and we are celebrating special events all within our homes. Protecting this investment is extremely important, and that’s why Homeowner’s Insurance is more important than ever.

Homeowner playing with dog

Homeowner’s Insurance provides financial relief in case of a devastating loss. Most Homeowner’s policies are package policies meaning coverage is provided for both property and liability.   

The three main coverages in the policy offer you protection for the following:

  • Dwelling: coverage to repair or rebuild your house and other structures
  • Personal Property: coverage for repairs or replacement of your personal belongings
  • Liability: covers you if you are held legally liable for damage or injury to someone else

If you have a mortgage, your lender requires that the dwelling be insured in order to protect the property.  If you do not have a mortgage, it is still important to cover your investment as the policy will give the you the ability to rebuild and replace the items in your home in the event of a loss.

Types of Homeowner’s Insurance

There are several different types of Homeowner’s policies which covers various types of homes. The most common is the HO3.  This policy covers single family dwellings and townhomes.

The HO4 is known as renter’s insurance. The HO6 provides coverage for condos.  If you are a landlord, a dwelling policy is available.

What Does Homeowner’s Insurance Cover?

The policy provides coverage for common perils, such as fire or lightning, smoke, wind, explosions, riots, and damage from aircraft. Additionally, you’ll be covered for damage caused by vehicles, vandalism, theft, volcanic eruptions, falling objects, weight of ice snow and sleet, water damage from an appliance or plumbing and sudden damage from a power surge.

What Does Homeowner’s Insurance Not Cover?

Most policies do not provide coverage for flooding, earthquakes, wear and tear and war. However, you can purchase separate coverage for some of these risks.

How Much Coverage Do You Need?

You will need to cover the cost of rebuilding your home in the case that it is destroyed. The amount of coverage needed depends on local construction costs. To estimate your rebuilding cost, multiply the square footage of your home by local construction costs. This amount can vary, but it is generally between $150-$250 per square foot.  Factors to consider are the home’s age, condition and special features. 

Do you have enough insurance on your home? 

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