We answer your most commonly asked questions about homeowners insurance and fill you in on everything you should know.
Purchasing home insurance is one of the smartest investments you can make as a homeowner. It gives many individuals and their families peace of mind and is the financial safety net that everyone deserves. But that doesn’t mean that everything about the topic is understood. In fact, there are many questions surrounding home insurance, and today we’re taking a look at the ones most commonly asked.
Learn more below.
6 Most Commonly Asked Questions About Homeowners Insurance
Q: What is Home Insurance?
A: Let’s start with the basics. In short, home insurance provers coverage for your home structure and personal belongings in the event of an accident, disaster, or loss. It also provides liability coverage that protects you, your family, and pets if someone is injured on your property or if you are deemed responsible for injury or damage through negligence. If your property is damaged (partially or entirely) by a covered event or is burglarized, your insurance company will help you replace or restore your home.
Q: Is Homeowners Insurance Required?
A: Home insurance is not legally required in Utah. However, most mortgage lenders require it to give you a loan.
Q: Why is Home Insurance a Good Idea?
A: Investing in homeowners insurance is a good idea for many reasons. Here are a few:
- If your property is destroyed and you still owe money on the mortgage, you must pay your loan unless you have an adequate home insurance policy.
- Insurance will help pay for significant repairs or rebuilding after covered events. If you didn’t have it, you’d be paying for these out of your own pocket.
- You may be held liable if something happens to someone on your property. Most policies offer liability coverage and help cover medical and legal costs if you are sued.
Q: How Much Insurance Do I Need?
A: You should have as much home insurance as it takes to rebuild your home.
Q: What Does Homeowners Insurance Cover?
A: Home insurance policies can vary from one to the next, but generally speaking, they provide:
- Dwelling Insurance
- Personal Property Insurance
- Liability Coverage
- Additional Living Expenses Insurance
Q: What Events Are Covered by Home Insurance?
A: Standard home insurance policies provide coverage for various events, including damage from smoke, fire, vandalism, or theft. It may also cover damage caused by weather such as wind, lightning, or hail. It’s important to remember that every policy is different, and what is covered under one policy may not be covered by another. You may need to purchase additional policies for specific events, such as earthquakes, floods, etc.
Need Homeowners Insurance? Contact Bear River Mutual Today!
If you are looking to invest in homeowners insurance or another type of insurance, such as renters car, or business, contact the professionals at Bear River Mutual Insurance. We are here to help you find the best policy that meets your needs within your budget, giving you the peace of mind you deserve. If you live in the Salt Lake City, Provo, or Orem area, contact us to get a fast and free quote today.