When you buy your first home, you must consider getting house insurance. It may seem like a burden at first because taking out a policy is compulsory when you sign your home loan. However, once you have it and need it after an unfortunate event, you will realize that a house insurance policy is there to protect your biggest asset, providing a roof over your head and a place for your family to feel safe. Keep reading to learn more about this essential coverage.

Why Is House Insurance Important?

A home insurance policy can prevent financial difficulties by covering you against large, unexpected expenses. It is not something you want to think about, but according to a major U.S. political website, The Hill, about 15 million homes were damaged by natural disasters in 2021. So, it's possible that your home may also be damaged at some point in the future by many different causes.

What Is Included in the Policy?

A comprehensive house insurance policy should cover at least one or more of the following situations. It should cover the structure of the building and any other free-standing structures on the property, like a garage or a shed, against accidental damage by fire, snow, or vandalism. It should cover your belongings inside the home. Usually, this includes fixtures like kitchen cabinets and fireplaces, as well as personal belongings that could be stolen, lost in a house fire, or damaged if your living areas become flooded. It should also protect you against personal liability. It protects you when a third party lays a claim against you if they get injured, fall ill, or die on your property. The three components above are the most important to have covered. Many policies cover them within one policy, with specific limits for each part.

What Is Excluded From the Policy?

When shopping for an insurance policy, it is also important to find out what is excluded from coverage to avoid disappointment. If you have pets, the insurance policy will likely refuse payment for repairs of damage caused by pets, like scratching your couch, digging holes in your yard, etc. If personal items are stolen from your home, but there are no signs of visible forced entry, the policy may refuse to pay out the claim. Finally, if your property is in a state of neglect and you lodge a claim that a pipe burst, your policy may refuse to pay damages because had proper maintenance been carried out, the damage would not have occurred.

A house insurance policy may seem like a burden, but getting one is in your best interest. When life happens, you will be prepared, and the claim will help you avoid unexpectedly paying large sums of money. Contact our team at Monument Insurance today to learn more.