Most homeowners understand that homeowners insurance helps to provide protection in the event that your property and possessions are damaged or lost, however, there are certain additional protections for your home that many people are not aware of that are included with their homeowners insurance policy. If you are located in the area of Willmar, Minnesota, and have questions about your homeowners insurance, MG Insurance, Inc. can help. Read on to learn more about some common unknown additional protections that can be included in homeowners insurance policies.
What Does Homeowners Insurance Typically Cover?
Homeowners insurance is intended to give a homeowner the peace of mind that they will be financially covered if their home becomes damaged or destroyed. Most homeowners insurance policies will cover the costs to either the repair or rebuilding of your home after an event such as a natural disaster, fire, theft, etc., and will also cover the costs of possessions in the home, such as jewelry, clothing, furniture, and electronics. A homeowners insurance policy also offers liability protection and can cover legal fees or medical expenses if someone is injured on your property. It is important to note that homeowners insurance usually does protect additional buildings on your property like sheds, garages, etc. Although homeowners insurance isn’t technically required by law, most lenders will require a homeowner to purchase it if mortgage financing is used to purchase the home.
Additional Protections Often Included In a Homeowners Insurance Policy
There are some additional things that are also covered by a homeowners insurance policy that are surprising to some homeowners. Homeowners insurance can cover service line protection, which covers the unexpected costs from the damage of power lines, water and sewer pipes, and phone lines. It also can reimburse costs for water damage caused by overflows or backups from a drain or sewer. Certain homeowner insurance policies can offer installed equipment breakdown coverage that can help cover the costs if your home appliances break down and need replacing, for instance refrigerators, air conditioning or heating systems, home security systems, etc. With your homeowners insurance policy you may also receive coverage for any refrigerated or frozen food that is ruined due to a power outage, as well as inland marine coverage, which protects products, equipment, and other materials that are being transported on land by truck or train.
Get Help Understanding Your Homeowners Insurance Policy
Your insurance policy form will contain the details of your specific homeowners insurance policy, and your insurance provider can help you understand all that is covered within your policy and help determine if you need any additional coverage. If you have questions about your homeowners insurance policy in Willmar, Minnesota, contact MG Insurance Inc. today for a consultation.