Buying a house is one of the most expensive purchases anyone will ever make. It’s a huge investment both financially and emotionally, so it’s crucial that you keep your investment protected. By having home insurance, your house will be covered if it is damaged or destroyed.
As a homeowner, you will be responsible for the cost of rebuilding your home or any other damages done to your property due to flood, fire or other natural disasters. Homeowners insurance can also cover your personal property and protect you from liability if someone gets injured on your property, or if you’re responsible for damage to someone else’s property. Additionally, you could get coverage to assist you in court fees, food and shelter if you have to exit your home.
Home insurance ranges from larger policies to liability coverage and can vary on how it covers your home. Find out how Insurance Quotes Salt Lake can cover what you need.
Common Homeowner Insurance Policies
The following are typical policies that insurance companies offer:
HO-1 Policy
This type of homeowner’s insurance only covers the basics. It covers damages that are caused by certain events, such as: fire, lightning, windstorms, hail and explosions. Typically, these policies cover damages that may be caused by civil unrest and volcanic eruptions. Since the HO-1 policy is very limited, most states usually don’t offer it to homeowners.
HO-2 Policy
This policy protects you from 16 types of events. This includes any resulting destruction from burglary, vandalism or civil tension. It also covers damage caused by hail, wind, smoke and any damage that’s caused by a vehicle. Additionally, if your pipes rupture or your roof caves in, the HO-2 policy protects against that.
HO-3 Policy
The H0-3 policy covers all possible reasons of damage to your property along with asset loss. Under the HO-3 policy there are some exceptions of specific events that won’t be covered. Exclusions will vary from policy to policy, so it is important to review your information and recognize what isn’t going to be covered.
Basic vs. Extra Coverage
A simple homeowner’s insurance policy typically covers the money it will cost to fix the damaged property, as well as the costs it takes to restore your home if it’s destroyed. The contents of your household are also covered, but only up to 40 percent of the property’s insured value. Extra coverage will protect you against fires and earthquakes, as well as replacing valuable items like jewelry and electronics.
Get Your Homeowners Insurance Today
Insurance Quotes Salt Lake can make sure your treasured home in Holladay, UT is protected with the best homeowner’s insurance policy. Contact us today for a complete list of policy details and the best insurance rates available.
