What is Homeowners Insurance?

​Your home is more than a roof over you and your family's head. It is one of your most valuable and prized assets. It is also one that you likely cannot afford to replace in an instant if disaster or tragedy strikes. 

What Is Homeowners Insurance? 
Homeowners insurance offers financial relief and security for covered events. It also includes accidental damages to your home, personal belongings, or property. This insurance can also shoulder expenses when you are held responsible for an injury or accident. Homeowners insurance has three primary functions: 

• Replace or repair your possessions when damaged
• Cover and handle personal liability if you are held legally responsible for any injury or damage to another person 
• Repair of your home, yard, and other external structures  

It is worth noting that the law does not require this type of insurance. However, if you have a mortgage, lenders will typically expect you to have your home insured to protect their investment. 

Even though you do not have a mortgage, it is always smart to purchase home insurance. It will give your property and liability coverage. And home insurance is also for your peace of mind. 

What Does Homeowners Insurance Cover?
The basic homeowners' insurance policies usually have these six distinct types of coverage: 

1. Dwelling - This covers the damages to your home and other attached structures like your porch. 
2. Other structures - This covers stand-alone or freestanding structures like your fence or the shed. 
3. Personal property - This shoulders the replacements or repairs for assets that have been damaged or stolen in a covered event or situation. 
4. Additional living expenses - This type of coverage offers to pay for temporary living expenditures while your house is being renovated.  
5. Liability - This coverage pays if you hurt or injure a person or unintendedly damage property through neglect. 
6. Medical payments - Pays for treatments of someone who was injured or harmed on your property, regardless if it is your fault or not. It also covers occasions when you, a family member, or even your pet injures somebody elsewhere. 

Conclusion 
Before thinking about how much it will cost to have a homeowners insurance policy, keep in mind that this coverage will give you a considerable advantage and significant savings. The premium you will pay will only be a fraction of the cost to rebuild your house from the ground up and even replace your belongings. 

At American Eagle Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (225) 667-7377 or Click Here to request a free quote.