Homeowners Insurance

Homeowners insurance is necessary for anybody looking to protect their investment in their property. Without it, expenses associated with property damage or liability claims could result in severe financial harm. Contact J.M. Hamilton & Associates to learn more about our homeowners insurance policies.  

What Is Homeowners Insurance? 
Homeowners insurance, also called home insurance, is a binding agreement between you and your insurer. As long as you continue to make premium payments, your insurance company agrees to pay for covered losses per your policy terms and conditions. Depending on your insurer, you may have to pay a deductible, an out-of-pocket cost, before your coverage kicks in to help pay for specific covered losses.  

Is Homeowners Insurance Required? 
Generally, home insurance isn’t required by law. If you don’t have a mortgage, you may choose not to purchase homeowners insurance coverage, although it’s still recommended. However, if you plan to finance your home, your mortgage lender typically requires you to buy home insurance.  

What Does Homeowners Insurance Cover? 
Home insurance is often referred to as a package policy because it combines personal liability coverage and property coverage to financially protect you from a multitude of losses that could occur. Although individual policies may vary, standard homeowners insurance policies may include the following coverages: 

• Personal property coverage may help cover the cost to repair or replace your belongings if they’re damaged or destroyed by a covered peril. 
• Dwelling coverage may help pay to fix structural elements of your house that are damaged or destroyed by covered losses.
• Other structures coverage may help pay for damage to additional structures on your property, such as a detached garage or fence, from covered perils.
• Personal liability coverage may help pay for costs (e.g., legal fees and medical bills) if someone accuses you of causing third-party bodily injuries or property damage.
• Additional living expenses, also known as loss of use coverage, may help pay for extra living expenses (e.g., meals and hotels) if you’re forced to temporarily move out of your house following a covered event.