Lynchburg, Virginia Home Insurance
If your house is damaged or destroyed by a fire, earthquake, or some type of natural disaster, you will be responsible for the complete cost of rebuilding your home. Purchasing home insurance can replace your personal property or protect you if you are responsible for damage to someone else’s property or an injury sustained on your property. Additionally, you could also receive coverage to cover court fees, food and lodging if you have to exit your home. Discussing options with an insurance agent can help you figure out which form of insurance works for you.
Choosing to buy a house is a huge financial and emotional investment and it is essential to keep the investment protected. Home insurance can be a great benefit to make sure that you are protected in case your house is destroyed or damaged.
Homeowner’s insurance can vary from larger policies to basic liability coverage that cover your home’s structure and personal property. There are also specific policies that protect your house in case of a fire or earthquake.
Meet with an experienced insurance agent from HIS Insurance & Services today and find out what type of homeowner’s insurance best fits your needs.
The most fundamental types of homeowner’s insurance policies are listed as follows:
An HO-1 homeowner’s insurance policy gives you fundamental coverage. It covers harm caused by specific instances, including fire, lightning, windstorms, hail and explosions. These plans also usually cover damage triggered by civil unrest and volcanic eruptions. Since this policy is very narrow, many states no longer offer it.
This policy safeguards you against 16 types of events, including damage from theft, vandalism and riots. An HO-2 policy will take care of hail damage, windstorm damage and broken glass, as well as destruction caused by smoke and any damage induced by a vehicle. If your pipes rupture or your roof caves in, this policy will also cover that.
HO-3 policies cover all possible reasons of destruction to your property and possession loss, with the exception of specifically listed events. Exclusions contrast from policy to policy, so read yours conscientiously to comprehend what is going to be left out.
Basic vs. Extra Coverage
Basic homeowner’s insurance typically covers the money it will cost to fix damaged property, as well as the replacement costs if your home is damaged. It also covers your belongings, but the contents of your household are only covered for up to 40 percent of the home’s insured value. Additional coverage will shield you against fires and earthquakes, as well as dealing with the loss of individual property like cameras, computers and jewelry.