A Beginner's Guide To Home Insurance

​Homeowner's insurance or most often referred to as home insurance is a type of property insurance. You may get this type of insurance if you are renting out a part of your home to tenants. For most, your homes are not just a place to stay. They are your haven, and perhaps the best way to protect your home is to obtain this coverage. Getting home insurance is always a smart decision when it comes to safeguarding your property. Here is some of the necessary information you need to know about homeowner's insurance.

What Does It Cover
Most home insurance cover financial loss from the following:

• damage to property
• damage to personal belongings
• personal liability

Standard home policies cover various perils such as fire, theft, explosions, hail, lightning, and other catastrophes. However, most home insurance policies do not protect against damages resulting from floods, earthquakes, war, landslides, molds, infestations, and intentional loss.

Main Functions Of Home Insurance
Home insurance protects your homes against various risks. Understanding the purpose of home insurance will help you understand better the need to get coverage. Here are the four main reasons why home insurance is essential:

• Repair Structural Damage. Home insurance will be beneficial for the restoration of your property in events wherein damage was caused by covered perils. You will not be burdened with taking out money from your pocket to rebuild the place.
• Replace Personal Belongings. Because you are sharing your home with your tenants, there is a significant risk of damage or loss of personal belongings. In this case, your possessions will be covered from theft and natural disasters.
• Pay For Alternative Living Arrangements. Home insurance will protect you in cases where you become forced to move out of your house due to structural damage. It will cover hotel accommodation bills, meals, and even loss of rental income.
• Third-party Liability Reimbursement. Homeowner's insurance is useful in cases wherein your tenant or your tenant's visitor accidentally gets injured in your property. It will also protect from possible lawsuits by guests who may want to sue you for personal injury. Legal and medical costs from such lawsuits will never burden you if you have home insurance coverage.

Renting out a part of your home to others may put you in a perilous situation. Save yourself from future financial burdens associated with having the place rented out by having good home insurance coverage. 

At Best Insurance Group, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (970) 674-5000 or Click Here to request a free quote.