How Home Insurance Protects Your Home from Common Risks

Home insurance protects your home and personal belongings in the event of a covered risk. These perils can be included in the main policy, added in an addendum, or covered under an “all perils” policy. The agents at Walker and Associates Insurance Agencies Inc. are ready to review your existing coverage to help you understand any potential gaps. If you just bought a home or want to explore your options, we’d love to present additional choices for home insurance in Fillmore, NY.

What Is a Peril?

Peril is an insurance term that means risk or danger. Typically, it’s used to describe losses covered by your home insurance. This may include water damage, theft, fire, and weather events. Although every policy varies, you can also include living expenses, liability, and other coverage options.

In some cases, home insurance includes all perils except those excluded from the policy. Therefore, it’s crucial to understand the type of policy you have, what’s covered, and what’s not. If you live in an area vulnerable to windstorms, vandalism, or theft, for example, your agent might recommend additional coverage. If you have a home loan, your mortgage lender may require specific coverage as well.

The Specifics: Check Your Policy for This Coverage

Dwelling coverage is the heart of your policy and includes the house and attached structures, such as a garage. Meanwhile, other structures insurance handles damage to fences, sheds, and structures not attached to your dwelling.

Most homeowners’ policies reimburse you for losses associated with personal property, such as clothing, electronics, and furniture. Loss of use coverage pays for some expenses if you need home repairs.

Personal liability insurance protects you from legal claims involving damage or injuries suffered by others on your property. Medical payments insurance protects you from financial losses if someone who doesn’t live with you gets hurt on your property. Usually, it also covers injuries caused by your pets.

Talk to your agent regarding the potential risks versus the costs of additional home insurance. For example, flood, earthquake, and sewer backup policies pay for specific damages to your home.

We Can Help!

Contact Walker and Associates Insurance Agencies Inc. today to set up an appointment for a free home insurance quote in Fillmore, NY.