homeownersWhat’s in a Homeowner’s Insurance policy?

One little policy does a lot. A homeowner’s insurance policy reimburses you for damage to your home from a variety of causes. If your home is totally destroyed or you cannot use it for a period of time, your homeowner’s insurance policy will also cover that.

The insurance extends to your home’s contents and liability for damage to property of others or injury caused to someone by you or a family member. Your policy can be personalized to include greater levels of protection for important property, home office situations, liability for boat ownership and additions and alterations to your residence.

Meant to protect your many assets, Homeowners Insurance covers more than just bricks and mortar. Though not required by Alabama state law, most mortgage lenders will require proof of homeowners insurance for the duration of your mortgage. Liveoak Agency, Inc. will shop multiple providers to find you the best coverage for your needs at the best price available.

Homeowners insurance policies can be written to provide as much protection to your home and assets that your personal situation deems necessary.

What types of home insurance coverage do you need?

There are five primary categories of coverage that you should consider:

Personal Liability Coverage: Personal liability coverage offers protection should you be sued by someone injured on your property, or one whose property is damaged, as a direct result of your negligence.

Dwelling and Other Structure Coverage: This type of coverage applies strictly to the structural aspects of your property and typically pays to repair or rebuild those structures if the damage occurred as the result of a covered event. What is or isn’t a covered event will be listed in your policy.

Personal Property Coverage: Personal property coverage applies to items held within that structure, for example furniture, clothes, electronics, and helps with the replacement costs of these items if they are stolen, lost, or destroyed as the result of a covered event. Theft, vandalism, and fire are standard examples of typical covered events.

Property Damage Coverage – a combination of “dwelling and other structure coverage” and “personal property coverage” – will provide coverage for all of your property in one policy.

Additional Living Expenses Coverage

This policy pays the cost of hotel stays, restaurants, and storage rental while your house is being repaired or rebuilt if your house is made uninhabitable by a covered event.

Medical Payments Coverage

Medical Payments Coverage helps pay medical expenses if someone is:

  • Injured on your property, and
  • Is not pursuing legal action, and
  • Is not a member of your
  • This coverage in no way covers medical costs for you or members of your household.

A Liveoak agent can answer any questions you might have about restrictions on covered events.

Liveoak Agency, Inc. can also help you find the best rates on: