Your home is your most valuable asset, which is why the right homeowner’s insurance coverage is so important. At IRM Insurance, we specialize in customizing your home insurance policy to fit your needs, allowing you to get the comprehensive coverage you need at an affordable price. We work with multiple reputable insurance carriers to find the best insurance policy for you, protecting the value of your home and your belongings.
Home Insurance Coverage Areas
Your home insurance policy covers your main dwelling, which is the exterior and interior of your home. But the policy also includes additional coverage areas, such as other structures or buildings on your property, and your personal belongings. If your home or your personal property are damaged because of a covered incident, the home insurance policy would pay for repairs or replacements.
Home insurance also includes a portion for loss of use. If your home became uninhabitable because of a covered event, your insurance policy would cover the cost of temporary housing. Insurance also includes a personal liability portion and medical payments to others. If someone was hurt on your property or you caused property damage to another, the medical payments and liability coverage would protect your assets.
Covered Events Under Your Home Insurance
Homeowner’s insurance covers a myriad of natural and man-made catastrophic events, minor and major. If your home or personal belongings are damaged because of a covered event, your insurance will pay for repairs and replacements. You’ll only pay your deductible. Here are some examples of events that are usually covered by a standard homeowner’s insurance policy:
- Hail, wind, and rain
- Fire
- Theft and burglary
- Roof leaks because of a storm
- Water damage not from flooding
Home repairs can be expensive, and a good home insurance policy will always be worth the cost. But it’s especially important if you’re dealing with a catastrophic event, such as a tornado that blows the roof off your home or a fire that burns your house down to the ground.
Additional Coverage Options You Might Need
There are some events that home insurance doesn’t cover automatically. These include flooding, earthquakes, and sewer or septic backups. Your insurance policy also covers your personal belongings at their current cash value instead of replacement cash value. You can add riders to your home insurance to add these extra coverage items or purchase a separate policy for them.
If you’re located in an area where flooding or earthquakes are common, we can tailor an insurance policy to fit those needs. We can also provide you with costs for replacement value and actual value coverage to help you decide which makes more sense for you. Talk to one of our insurance specialists at IRM Insurance for a comprehensive quote.
Do I Need Replacement Value Coverage?
If everything in your house was damaged or destroyed and you have to replace your belongings, how much would it cost? Replacement value coverage allows you to buy a brand-new TV comparable to the one you had, whereas actual value coverage, which is the standard, only reimburses you for the value of the TV you lost. That's usually a vast difference as used items don't have a lot of value.
What's Not Covered Under My Home Insurance Policy?
Your home insurance policy probably doesn't cover flooding, earthquakes, and sewer or septic backups. If you have electronics, jewelry, or other valuables over a certain amount, they may not be covered. You'll have to purchase additional insurance for these items.
Do I Need Home Insurance If I Own My Home Mortgage-Free?
You're not required to have a home insurance policy if you don't have a lender. However, few people can afford to rebuild their home if something happened to it, such as a fire or a tornado. And, even if you have the funds to rebuild your home, such as in your retirement account, can you afford to use them for that?
Contact Our Insurance Specialists for Your Homeowner’s Insurance Quote
Home insurance is the best way to insure your most important asset. Our team at IRM Insurance specializes in finding the right policy at the most affordable price for you. We work with reputable insurance carriers to customize a home insurance policy to fit your unique needs. Call us today for a quote.