This year reminds us all that we never know what’s about to happen. As a homeowner, you purchase insurance to protect your home. Here’s what you need to know about how home insurance companies can protect your investment in your home.
Why Is Homeowner’s Insurance a Must?
There are certain checks that you must write each month as a homeowner. Along with your mortgage, paying for home insurance is a non-negotiable part of owning a home. You must carry insurance on your home if you have a mortgage on it.
Most disasters that can hit your home are unexpected, and regrouping from one takes money. For example, do you have the assets on hand to rebuild after a blaze roars through your house? One of the best reasons to carry enough home insurance is that it will pick up many of the costs related to repairing damage to your house.
In general, you can count on your homeowner’s insurance policy to cover such things as
- Damage to your house
- Damage to the contents of your home
- Homeowner liability lawsuits (e.g., dog bites and swimming pool accidents)
What Isn’t Covered by a Standard Insurance Policy?
Even though a general home insurance policy covers a wide variety of events, it doesn’t cover everything. Lane County is prone to many types of damaging events not covered in a standard insurance policy. Therefore, it’s smart to speak with an insurance agent about particular policies and additions that make sense for your property.
We all know that living in western Oregon means living with the possibility of a devastating earthquake. Did you know that an everyday home insurance policy doesn’t protect you against the losses brought about by a big quake? It’s true; you’ll need to purchase earthquake insurance for protection in the event of a quake.
Along with helping you make structural repairs to your home, an earthquake policy pays for your temporary living expenses. A quick check of the rental housing prices in our area shows why this aspect of earthquake insurance coverage is valuable.
Fortunately, many home insurance companies in Eugene offer earthquake coverage as an add-on to their regular homeowner’s policy. Don’t hesitate to ask your insurance broker for information.
Eugene has a long history of floods. Indeed, it’s not difficult to think about the risk of flooding during the winter rainy season. As with earthquakes, your homeowner policy won’t reimburse you for losses that result from a flash flood.
Fortunately, you can protect yourself during the next one-hundred-year flood by purchasing flood insurance. Depending on the policy, flood insurance covers the structure of your home as well as the contents. Keep in mind that coverage for any damage from mold and mildew won’t be in a flood insurance policy.
Do you see why home insurance is fundamental to homeownership? Let’s look at three keys to choosing a terrific home insurance policy.
Home Insurance Companies: How to Choose
A smartphone search on home insurance companies in Oregon reveals numerous choices. With so many companies writing policies in Eugene, how do you pick one? Here are three things to consider.
No.1- Go with a Well-Respected Company
Homeowner’s insurance is critical to your financial and emotional well-being. Choose a well-respected corporation with a customer focus. NerdWallet recommends looking into insurers’ policies at companies like Nationwide, State Farm, Chubb, and Travelers, among many others.
No.2- Compare Costs
Policy rates are not all the same. You can save money by comparing rates for similar coverage at multiple companies. In addition, don’t forget to read the tiny contract print to ensure that you’re reaching the same level of coverage.
Read Lemonade’s friendly and quick dive into home insurance quotes here.
No.3- Choose Additional Coverage
Depending on your individual circumstances, it might make sense to expand your home insurance coverage. Many home insurance companies offer add-ons that can protect your wallet and sanity when a disaster happens. Examples of add-ons that you might consider include
- Sewage Backup
- Sinkhole Coverage
- Service Line Coverage
- Scheduled Personal Property Endorsement
Add-ons do a terrific job of giving you more extensive coverage that leads to peace of mind.
Take time to examine home insurance coverage at many different companies. After all, insurance coverage is too essential not to do your homework. There are many options available in Eugene, and it pays to be an educated buyer.
Lastly, a top-quality homeowner insurance company will become your trusted best friend in an emergency. Choose to partner with one of Oregon’s home insurance companies today for complete coverage and peace of mind.
Strategic Mortgage Solutions wants to help you find an affordable mortgage for your Eugene, Oregon home. Call us today to chat about your home financing options.