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What You Need to Know About Homeowners Insurance

While homeowner insurance is not required by the state of Texas like auto insurance is, most lenders will require an insurance policy as terms of the loan. You probably know that you need homeowner’s insurance to protect your home from catastrophic events like fire and other perils such as hail. However, there are some little-known details about homeowner’s insurance that may save you a lot of money and stress once you know about them. Here’s how you can take advantage of everything your homeowner’s insurance has to offer with these common but not widely known coverages.

Your Liability Follows You

Let’s say you are hosting an event away from your home like a graduation party, wedding, or other gathering, the venue may ask you to provide liability insurance to remove their responsibility in the event of an injury or loss on the premises. Often insurance companies will allow you to transfer the liability coverage on your homeowner policy to another location for a onetime event.  To do so you will need to call your insurance agent or company, to see if your policy allows for this transference and request, they issue proof of insurance to the venue where the party will be held. Keep in mind though you must notify the insurance company prior to the event taking place for there to be coverage.

Your Stuff Maybe Covered Away from Your Home

In most situations if your car is broken into and a large amount of your belongings are stolen, your auto insurance probably has limited coverage for property in the vehicle. But your homeowner’s insurance may pick up the slack. In fact, most homeowner’s policies will cover your belongings anywhere in the world. For example, if your expensive camera is stolen while you are on vacation, you could have coverage. Same may be true if your luggage is stolen at the airport. Most of your personal property may be covered under your homeowner’s policy just about anywhere you go. However, when it comes to valuables such as jewelry, you may want to have a floater on your policy.

If You are Sued, You Have Coverage

In the litigious society we live in today, chances of getting sued can be quite high. If you are on the receiving end of a lawsuit and you believe you are not at fault, your homeowner’s insurance will help defend you in court. That is one of the big reasons for carrying liability insurance!  Of course, it must first be determined by the insurance company if the particular lawsuit is one that will be covered by homeowner’s insurance. If the insurance company agrees that you were not negligent in the incident, they will make help fight it in court.

As you can see homeowner’s insurance does much more than just protect your home. Be sure you get the most out of it, by taking advantage of all the perks of your policy. Be sure to speak with a licensed insurance professional when it comes to questions on your policy or seeking coverage for a new home purchase.

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