House overlooking the oceanBuying a home is one of the most exciting opportunities of a lifetime. This is also one of the largest investments many people make during their lifetime. The good news is you can protect it. Home insurance provides financial protection to minimize your risks related to the property itself. In many situations, it is one of the most important purchases you’ll make. Here’s what your first policy needs to look like.

Protecting Your Asset

Home insurance has multiple components. Each one provides financial protection for different types of threats against your home. There are two main types of coverage nearly all properties need.

Property Insurance

This component of your insurance protects the structure of the property. It covers your house, simply put. As you consider how much you need, factor in the value of all structures on your property. This includes:

  • The home itself
  • Garages
  • Sheds
  • Outbuildings
  • Workshops
  • Barns

Your policy should list any type of structure added to your home. Property insurance should also include the cost to rebuild that structure. If the home burns, the policy needs to offer enough protection to rebuild it at today's costs.

Most types of home insurance like this provide coverage for accidental and unavoidable situations. This may include:

  • Fires
  • Burst pipes
  • Storm damage
  • Vandalism
  • Theft

Liability Insurance

You also have the need to keep your home safe for other people. If someone visits your home and suffers an injury, they may have the right to file a claim against you for their losses. They might want to use your coverage to pay their medical bills. Liability insurance helps minimize this. Most liability insurance policies have coverage ranging from $100,000 up to $500,000.

You can then extend this further with umbrella liability insurance if you believe you need to do so.

What Else Does Home Insurance Cover?

Your home insurance policy provides much more to you. For example, it covers the home’s contents, such as all of your personal belongings. Your policy will list how much (value) of your personal property has coverage. This is usually a percentage of the total coverage on your home. Your policy also provides additional living expense protection. If you have to leave your home due to a covered peril, the policy can help cover your expenses away from home.

Work closely with your Stuart FL home insurance agent. Be sure your policy always reflects the value of your home and the risks you have. Your agent can also provide you with insight into discounts available to you as well.

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