Millions of Americans are currently living the dream of owning their own piece of land with a nice home to suit the needs of their families. Homeownership has been on the rise in recent years. Though the rate dropped to a 20-year record low in 2016, it’s back on an upward trend with an estimated 65 percent of the population now being homeowners. Numerous benefits can come from owning your own home, but ownership also includes a few hurdles according to realtimecampaign.com. Protecting yourself against those bumps in the road is essential.
Protecting Your Home against Damage
Homeowner’s insurance is a necessity from both a legal and practical standpoint. Insurance covers quite a few of the problems property owners often face. On the most basic level, homeowners insurance covers fire damage, theft, and vandalism. It also covers damage caused by severe storms, winter weather, tornadoes, and certain other acts of nature. Storage buildings, fencing, and other structures on the property that aren’t directly attached to the house are protected by insurance as well.
In most cases, homeowners’ policies also cover sudden and unexpected damage caused by burst pipes and other unavoidable plumbing issues. This includes not only the cost of repairs to the plumbing itself but any resulting water damage. You can click for more info on the other situations standard homeowner’s insurance will cover. Keep in mind that additional coverage is also available to provide even greater protection against possible dangers.
Extra Layers of Protection
Having said all that, homeowner’s insurance doesn’t apply to all types of damage or every situation as noted by Home Warranty | 2020 Comprehensive Guide | U.S. News. Insurance falls short when it comes to destruction from certain types of natural disasters, such as floods and earthquakes. For those and many other incidents, you need different levels of coverage.
Homeowner’s insurance also doesn’t cover damage that takes place over time. Based on information from a well-known authority on the subject, damage resulting from a lack of maintenance becomes an out-of-pocket expense for homeowners. Coverage providers consider regular upkeep to be the responsibility of the property owner.
At the same time, your homeowner’s policy won’t pay to repair or replace appliances. If the refrigerator breaks down or the air conditioning stops working, you’ll have to venture beyond your insurance for assistance. Companies like First American offer options to help bridge those gaps.
Consider Extra Protection
Naturally, owning a home comes with far more expenses than monthly mortgage payments and utilities. Routine maintenance is a significant factor here, but it’ll also help prevent more extensive costs down the road. On top of that, your standard homeowner’s insurance policy is another unavoidable cost that’s sure to save you considerable amounts of money in the event of storm damage, fire, and some other hazards.
Still, your policy won’t cover everything. Adding a warranty to your arsenal may bring about yet another expense, but the cost could be far greater if you find yourself up against some types of damage or losses. You may never need to fall back on that extra layer of protection, but it’s better to be safe than sorry.