Homeowner insurance is a bundled insurance product that provides financial protection and liability for your property and the personal possessions within its walls. If you’re not sure what coverage options are suitable for your living situation, it’s best to contact a local agent.
Exploring and applying for homeowners insurance is often the last thing you want to spend your time thinking about when purchasing a new home. However, not taking care of this very important step can be a disaster if the unexpected happens and you don’t have coverage.
If you do have to file a claim, you typically need to pay your deductible before your insurance provider will pay for your loss. For example, if your policy has a $1,000 deductible and you have claimed $5,000 in damage, you need to pay the deductible if you want your insurance provider to cover the remaining balance.
After purchasing homeowner insurance in Ohio, you also need to pay a recurring premium, which can be billed quarterly, monthly or bi-annually to continue your coverage.
Your homeowner insurance is calculated based on the following factors:
1. The age, general condition, and vulnerability of your home.
2. Your personal claim and credit history.
3. The value of your insurance deductible.
4. The options and coverage limits in your insurance package.
What is Covered By Homeowner Insurance in Ohio
Personal property coverage and dwelling protection are the basic inclusions in a conventional homeowner insurance policy. You can also purchase additional coverage options if your home is exposed to uncommon risks.
Here are the four most essential coverage options included in a homeowners insurance policy:
Home structure: Residence protection covers the underlying integrity of your home and any attached structures, like decking and garages.
Personal property: If your house stores valued personal possessions, such as clothing, furniture, and electronic devices, your insurance policy will provide partial coverage in the event of theft or damage.
Liability coverage: If someone injures themselves while on your property, liability protection will typically reimburse any medical or legal expenses.
Non-home structure: If you want to spread your dwelling protection to other structures on your property, like standalone garages, pools, or fences, you’ll need to discuss extending your home structure coverage protection.
Limits and Constraints of Homeowner Insurance in Ohio
It’s important to remember that your homeowner’s policy does not provide coverage for all potential sources of damage to your property. While coverage applies for weather damage from hail, wind, and fire, it typically does not extend to natural disasters such as earthquakes, flooding, or tornadoes. So if you live in an area that is prone to this type of weather, it’s a good idea to buy a separate insurance policy for extreme weather.
Keep in mind that homeowners are often caught uninformed about their coverage limits after a claim event. The limit is the maximum amount your insurance provider has agreed to pay for particular coverage options. If you own expensive possessions or a high-value home, it’s a good idea to talk to your insurance provider and adjust your coverage limits.
If you’re considering policy options for your next home and would like more information regarding homeowners insurance coverages and costs, reaching out to an experienced local real estate agent is a good first step.
Local agents can provide advice and guidance on coverage options for different kinds of properties across different regions. If you’re in the market for homeowner insurance in Ohio, call our office today to schedule a consultation.