I’m Ron Philleo with Philleo Agency Insurance. One of the calls we get frequently is, “I’m buying a new house or a condominium and my mortgage guy said I have to have homeowner’s insurance or hazard insurance. Can you help me with that?” Well let me explain what homeowner’s insurance does. When you purchase a new home or a condominium or an existing home, you want to make sure you have homeowner’s insurance. This is going to protect you in case the home is damaged due to an instance, say, of wind damage, tornado, or fire, or something along those lines. So we want to protect the structure itself.
We also have some other coverages that go along with the homeowner’s policy to cover all your contents inside the home, things like furniture, clothing, and anything else that goes inside your home.
We also cover loss of use of a home. So if there’s a fire and you have to live somewhere else temporarily, we will pay for additional living expenses for you. And liability, which is very important, comes with a homeowner’s policy as well, which covers you in case somebody were to slip and fall on your property and get injured and you get named in a lawsuit.
All those coverages come along with a homeowner’s policy. There are some more specialized coverages you can add on for jewelries and collectibles and guns. So there are options with the policies as well.
Make sure that you use an independent agent that will be able to shop around for you and select coverages. They should be able to educate you on what the policy does and help you select the coverages, and be able to shop around and make sure you are getting the best price in your homeowner’s policy too.
It’s also a good idea to group your auto and home policy together because you get some additional discounts.
I’m Ron Philleo with Coverage Concepts. Thanks for watching. Be sure to check out our other videos.