How you can get the most out of National Homeownership Month
Did you know? The summer months are the most popular time of year to sell or purchase a home. The joy in owning a home is not just a life milestone, but a source of freedom, financial gain, and all-around stability for many Americans. June marks National Homeownership Month, which celebrates homeowners and what homeownership means for the community that surrounds you. Are you a new homeowner or just looking for tips on how to protect your investment? Homeowners insurance is the key, and understanding your policy is the first step.
What Does Homeowners Insurance Cover: A standard policy covers several categories, including the dwelling, personal property, loss of use, personal liability, and other structures. The dwelling refers to your home, and the costs that are required to rebuild or repair it. The other structures on your property, such as your fence, shed, or outdoor area, can also be covered. A personal property policy will protect items such as furniture and clothing that may be damaged. If you are required to live elsewhere while repairs are made, the loss of use policy covers the expenses of living in a hotel or laundry services. Finally, personal liability will ensure that any legal fees or costs associated with bodily injury that you are liable for are covered.
What Does Homeowners Insurance Not Cover: Often, new homeowners are not aware of what their policy covers. The normal wear and tear on your home, is not covered by your policy. Additionally, if your insurer finds that your home was damaged due to failure to maintain it properly, you may not receive payment. Natural disasters such as earthquakes and flooding are separate policies entirely. Lastly, if you own expensive items, it is important to increase your policy limit to cover them if your current limit is low.
Be Proactive and Protect Your New Investment: There are a number of ways to make sure your home is well cared for and to keep your insurance policy intact. Install new smoke alarms and carbon monoxide detectors. Take care of your yard by trimming branches over your roof, and keep your gutters clean. Regularly inspect your roof for loose or missing shingles, and clear any debris left over from storms. Keep copies of invoices for home repairs to provide proof of regular upkeep, along with before and after photographs.
Call your Insurer Today: The easiest way to ensure that your insurance fits your unique needs is to speak with your insurer today. Ask questions; find out what your policy does and does not cover. Will your coverage replace all your belongings? Does your policy cover water damage from a sewer or sump pump backup? How does your deductible work with your current policy?
Celebrate National Homeowners Month with these tips to keep your investment protected.
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