Importance of Homeowner’s Insurance Despite COVID-19

​In a time where COVID-19 has become the priority, home insurance seems like a luxury. But, this should not be the case as property deterioration can happen even amidst this crisis.

​Importance of Home Insurance
Home insurance is a type of property insurance covering damages that may happen to the insured residence. It is not just for the physical structure, but also its contents, and has a variety of other relevance.

1. Covers for damage costs to the house and the objects listed specifically in the policy. Payment for these losses can be for the full price or partial, depending on the coverages of the premium.
2. Is usually combined with liability insurance in case of the holder incurring damages to another’s property. 
3. It could also cover medical expenses when an injury is caused to another person visiting the property.
4. Generally required by law in most US states, although policies differ state by state.
5. Required for when one signs up for a mortgage to allow the lender assurance of property safety.

Home Insurance Specifics
Like any other insurance policy, home insurance has its limits and specified coverages that are set upon investment. Choosing the most appropriate plan is important and this is done by tailoring the available policies in the market.

1. A higher deductible equates to lower premiums paid by the client. This pertains to the portion that the client pays for in case accidents listed in the policy occur.
2. Damages from natural disasters like hurricanes and tornadoes are covered by home insurance but not earthquakes and floods.

Additional Coverages
Due to certain limits, several situations are unlisted in the policies for home insurance. The following however can be added on in exchange for an increase in premium paid.

1. If the house is left for a long period, usually thirty days and more, the insurance policy could be canceled. The policyholder will have to either renew the contract or extend the period before cancellation takes hold.
2. Structures dedicated for commercial use are typically not covered in general policies. But, additional business insurance could be added to the existing policy to cover these areas.

Conclusion
Getting home insurance is crucial in protecting one’s residence from unforeseen damages in the future. Planning now ensures one is ahead and is a wise decision to make to stay secure.

At Family Auto Insurance Agency, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (313) 285-9042. Get your free quote today by CLICKING HERE.