As any new homeowner discovers, finally having control over your own space and property does come with adjunct worries. Along with securing a mortgage and figuring in closing costs, many people will also opt to secure homeowner’s insurance in advance, to make these payments and taxes included in the monthly mortgage payments. Although this can be an ideal way to budget for the future, it can also overlook some important points.
Of course, homeowner’s insurance is a necessity, especially when bank payments on the home are still in the process. While some individuals who own their homes clear of a mortgage may cancel a policy, it should also be understood that the protection factor that this insurance supplies is for more than just the structure itself. In Raleigh, home coverage can be as comprehensive or as minimal as a person chooses.
- Dwellings – this is the primary and basic coverage, and includes the overall structure of the home and any attached buildings such as a carport or attached work room, including things like internal building issues including plumbing and fixtures. Although this can cover the majority of homeowner concerns, it does not address them all.
- Adjacent structures – this may include unattached sheds, guest houses, and other buildings on the property that are not directly tied to the home. This form of coverage is an adjunct that could be highly applicable, but homeowners should thoroughly evaluate their property before making a decision.
- Personal property coverage – this is often a point that carries many misconceptions. Personal property coverage can be applicable to theft or disasters, as well as the further insurance of specifically high value pieces. However, many people think that dwelling coverage also includes the contents of the home, but personal property is a separate inclusion on home owner policies.
- Loss of use coverage – this is also a category of homeowner’s policies that is not always well understood. Again, individuals often assume that the dwelling coverage will make concessions should damage be so great that the residents can no longer use the home, either permanently or for a period of time. Loss of use is its own separate aspect of homeowner’s insurance, and also makes provisions for costs that are incurred while the home cannot be used.
- Personal liability coverage – this is a category that many Raleigh homeowner’s can waffle on, as it makes provisions for any costs that are incurred as a result of injury to inhabitants in the home in the case of a disaster. While other forms of insurance will also help to cover this, taking out personal liability coverage further facilitates the ease of getting things back to a normal balance.
- Medical payments to others – this is another often overlooked category, although it is somewhat related to personal liability. In this category, provisions are made to cover the health care of others who may have been injured on the property or as a result of disaster damages. This category can also greatly reduce the chances of a lawsuit from the injured party, especially as the insurance attends to the issue.
In considering the many categories that can be mixed and matched to generate a comprehensive and legally acceptable insurance policy for the home, homeowners in Raleigh should also contact Amistad Insurance Services for guidance, and the ability to make an educated decision regarding which homeowner’s policies will really cover their homes.