Ensuring Home Safety In 2020

​COVID-19 became the highlight of the news this year, and it may have already brought out of focus other responsibilities. However, home safety is still a necessity for everyone, and knowing how to invest is crucial even amidst this pandemic. 

Basics of Home Insurance
A type of property insurance that is designated for the protection of the client’s residence is known as home insurance. This investment goes a long way than just protecting one’s home, it also protects expensive objects found in the property.

1. Generally required by law in most US states and when one is signed up for a mortgage.
2. Covers payments for damage incurred in the residence and objects listed in the policy.
3. Payment for losses can be for the full price of the repair cost or partial, depending on the policy terms.
4. Commonly joined with a liability insurance component that pays for lawsuits arising from damages to property or injuries.  

Typical Coverage and Exclusions
Understanding the policies included in the insurance will help make an informed choice of choosing the most appropriate plan. The following are general coverages and exclusions commonly found in most home insurances in the market.

1. A certain deductible is set that is the amount to be shouldered by the client in case of an accident.
2. Damages from hurricanes and tornadoes are the natural incidents typically covered by home insurance while it excludes earthquakes and floods.
3. One should take note that a higher deductible equates to lower premiums paid by the client to maintain the policy.

Additional Coverage
The following coverages listed are typically excluded from general insurance policies but could be added to the policy. After all, no one formula fits all needs and preferences of all clients.

1. Structures in the property dedicated for commercial use are typically not covered in home insurance policies. One will have to get business insurance to also insure this particular area.
2. If the house is left for a long period, usually thirty days and more, the insurance policy could be canceled. The reason for this is the greater risk of damage and theft to the property.

Conclusion
As soon as this pandemic overcomes, life will go back normal, and planning now ensures that you are ahead. Getting home insurance is every home owner’s responsibility if they want to ensure that their residence stays secured.

At Insurance Marketplace, 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 (541) 779-017. Get your free quote today by CLICKING HERE.