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Home insurance, while generally thought of as an important protection for homeowners, is actually a little-known element of homeowner’s protection. Most insurance companies offer a variety of standard homeowners insurance policies that cover basic aspects of protecting your home from fire, theft, and water damage. However, there are some additional areas of home protection covered by some insurance providers that you should be aware of, especially if you are a first time home buyer in Louisiana.

Home Insurance Coverage For Physical Damage

Perhaps the most important aspect of home insurance is the physical damage coverage. To make sure you get the right level of coverage, discuss your home inventory with an agent. Adding the extra effort before you buy your policy actually protects you from being over insured, which is often the case. Unfortunately, many people only discover this fact too late, after a disaster has struck. If your property is damaged by fire or water and it isn’t covered by your homeowners insurance policy, the company may not pay the bill.

Home Insurance Coverage For Personal Possessions

Other items in your home inventory that are typically covered by home insurance policies are personal possessions. Usually this type of coverage is referred to as “abundance” coverage. This means that whatever is in your home is protected in the event of a fire or other damage, regardless of whether it is insured or not. If your belongings are destroyed, your insurer will assist you with replacement costs.

“Add-On” Coverage

Many homeowners insurance coverage policies also include “add-on” coverage to their basic home inventory protection. One of the most common additions made to homeowners insurance policies is the “no claim bonus.” This provision generally reimburses the insured for expenses he or she may incur in repairing or replacing a stolen item. This provision, however, may not always apply, so you should ask your agent or broker about add-on coverage to your homeowners insurance policy.

Legal Liability

A separate policy protection is available for legal liability. This part of your coverage pays out if someone gets injured on your property. Some of these “liability” limits are very high, while others are low. You will need to discuss this add-on with your insurer, since different limits apply to people of different statuses. For example, someone who is illegally uninsured may have a different threshold for liability than someone who has insured liability coverage.

Conclusion

Homeowners often think about deductibles when it comes to protecting their home and their belongings. Typically, you can choose a higher deductible to reduce your premium payments. However, you might want to reconsider doing so if your goal is to save money on your homeowners insurance premiums. The higher the deductible, the lower your monthly payments might be. Make sure you do research on different homeowners insurance companies in order to get the best coverage for you! You can even find fast & free homeowners insurance quotes online.

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