Perhaps you bought a home and are now wondering about homeowners insurance. Perhaps you have had insurance on your home for years, but you’re not quite sure what your policy covers. Whatever your situation may be, you may find yourself asking: Why do you need home insurance? Where should you get it? What can it do for you? Here is a rundown of information about homeowners insurance to help get you started.
Why Do I Need Homeowners Insurance?
There are a lot of reasons to get homeowners insurance. The first among them is that if you are paying a mortgage on your house, your lender will require you to have insurance on the property to protect their investment in you through the loan they gave you. The main reason they want you to have it is the same reason you should want to have it, too: to protect against catastrophic loss due to disaster, accidental damage, or vandalism. If something happens that destroys a house or so badly damages it that serious repairs are needed, it would be impossible for most people to deal with a loss of that magnitude on their own. That’s when home insurance comes into play. In exchange for your monthly premium, you can have protection from significant loss in the event of serious damage.
Homeowners insurance is especially important for people who live on the East Coast. The home insurance professionals at Southeastern Insurance have seen hundreds of Burlington homes damaged by hurricanes which are frequently seen. They work to protect their clients from loss resulting from area specific threats like Hurricane Sandy and the all too frequent winter ice storms of North Carolina, as well as more generalized threats in the area such as house fires and other common types of loss.
Benefits of Homeowners Insurance
Beyond the clearest point of home insurance — to protect homeowners from catastrophic loss — it can provide a wide range of further benefits to the client. Services frequently include additional coverage in the event of a disaster, such as hotel stays during repairs and personal property replacement in addition to the home itself.
This protection to your personal property can even extend to events that occur away from home. Many home insurance policies include provisions that can protect your personal possessions from loss, theft or damage during travel. Did the handlers at Burlington-Alamance Regional lose your luggage — again? Your home insurance policy from Southeastern Insurance may cover replacement for those lost, damaged, or stolen items.
Even if you don’t fly, you can still be the victim of loss or theft. In recent years, the Burlington Police have noted an increase of criminals breaking into vehicles to steal property from inside. You can protect yourself and your property from local criminals with a homeowners insurance policy as soon as today.
Aside from protecting your property in Burlington NC, arguably the greatest benefit offered to clients through home insurance policies is protection from personal liability. If a guest trips on that loose piece of trim that you’ve been meaning to get to for two years and impales their foot on the loose nail behind it (it could happen!) your home insurance policy will likely cover his medical bills and any legal expenses as a result of the discovery that your guest is a money-grubbing, lawsuit-happy, injury exaggerator.
One of the least well-known benefits of having homeowners insurance is the provided coverage to replace business-related losses. If you lose your work laptop, cell phone, or other business-owned equipment, your home insurance policy will likely cover the loss even if it did not occur at home. These securities are generally worked as a percentage of the personal property coverage, however, so if you travel with a great deal of business equipment, then you may be exceeding your limit. It’s advised that you check with a local Burlington Insurance Professional to find out the extent that potential business losses are covered under your home insurance policy.
If you live in the greater Burlington area, you can’t afford not to have home insurance. According to a Disaster Vulnerability Assessment conducted through the University of North Carolina, Alamance County has a historical vulnerability to natural disasters — specifically thunderstorms, flooding, and windstorms.
While tornadoes are not known to occur very often in Burlington NC, the area saw tremendous devastation from tornadoes in June of 2011. The damage was so bad, in fact, that FEMA declared the county a Federal Disaster Area. More recently, all of Alamance County was declared a disaster area due to the severe storms and flooding in the early part of July. While many basic homeowners insurance policies do not cover flood damage, additional coverage can be obtained from your local agent. You can contact Southeastern Insurance today to obtain a quote, and you can specifically look into adding flood insurance to your current policy.
Maybe you are looking for homeowners insurance for the first time, or perhaps you are just wondering if your current insurance is right for you. Or, maybe you’re happy with your coverage but curious if you’re paying too much for it. Regardless of the reason, buying homeowners insurance is no doubt a complicated business. The types and amount of coverage you need will vary widely based on your individual circumstances, and it can be difficult to find the right answers on your own.
Southeastern Insurance has a team of homeowners insurance experts that can provide the information you need to make an informed decision that’s best for you. Call 800.601.7829 to speak to representative today.