Monday, May 23rd, 2022

What is homeowner’s insurance?

Homeowners’ insurance coverage is an important responsibility of owning a home, as it adds a layer of financial protection for what may be the biggest investment for you and your family. There are different types of homeowners insurance policies, so it is important to understand what homeowners insurance is and how a homeowners policy actually works.

Why do you need homeowner insurance coverage?

For starters, you probably can’t buy a home without it. (Most mortgage holders require you to have it.) But honestly, why wouldn’t you want to have homeowners insurance? Your house is one of your biggest investments. It makes sense to protect her, right?

When looking for homeowners insurance, the Goldilocks principle applies: you are looking for a policy that is ideal for you. (A cozy townhouse needs different coverage than a sprawling estate.) GEICO Insurance Agency offers you a wide range of coverage options. Find out what’s best for you with a free online home insurance quote or call (800) 841-2964 to discuss your options with one of our licensed insurance agents.

How does homeowner’s insurance work?

Fire, theft, accidents … These are the types of threats that could rob you of sleep if you did not have the protection of homeowner’s insurance coverage. Fortunately, a homeowner’s policy will cover damage to your home and personal property due to a variety of causes (called “designated perils” in insurance jargon). The personal liability portion of a homeowner’s policy provides coverage, for example, if your hostile brother-in-law slips on your ladder on a rainy day and is injured.

What does homeowner’s insurance cover?

Each homeowner’s insurance policy offers different protection, but standard policies generally provide:

Home coverage for damage to your home and certain attached structures on your property (unless the cause of the damage is specifically excluded in your policy).

Damage to your personal property for causes specified in your policy. (Yes, those “designated risks” again!)

Limited coverage – generally $ 500 to $ 2,000, for jewelry stolen from your home. (Most policies do not cover lost jewelry.) If you need more coverage for your prized collection, you may need a homeowner’s policy endorsement.

Coverage for exposures of personal liability arising from being a homeowner.

Coverage of additional costs that you may incur due to a covered loss (for example, if you need to temporarily live elsewhere if a fire makes your home uninhabitable).

Do you have more questions? Call (800) 841-2964 to speak with an agent.

What type of homeowner’s insurance should I choose?

That’s like asking, “What house should I buy?” It all depends on your personal circumstances.

Do you live in a single-family home?

You probably need a standard homeowner’s insurance policy. You got lucky! You can start making a quote right here.

Do you live in a condominium or cooperative?

You need a different type of policy. Visit the GEICO Condominium and Cooperative section for more information and to start a quote.

Do you own a house and rent it to others?

You will need special coverage, be it a home fire policy or a commercial property policy.

Choose GEICO and you could save on homeowners insurance.

Fast and professional customer service.

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