Homeowners Insurance in Oak Lawn, IL
Understanding homeowners insurance is essential for every homeowner. It is a vital safety net to help shield homeowners from devastating financial losses in unexpected disasters or accidents. Without it, homeowners would have to pay for costly incidents out of pocket.
What Does Home Insurance Cover?
The following are the most common coverage options included in a homeowners insurance policy:
- Dwelling coverage may help cover the structure of your home itself, including the walls, roof, foundation and other built-in structures, in case of damage or destruction caused by covered perils.
- Other structures coverage extends to structures on your property that are not attached to your home, such as a shed or fence.
- Personal property coverage may help cover your personal belongings, including furniture, appliances, clothing, electronics and other items, in case of damage, theft or loss.
- Liability coverage may help provide financial protection if someone is injured on your property or if you cause damage to someone else’s property. It may cover medical expenses, legal fees and potential lawsuits up to the policy’s limit.
- Additional living expenses may help with temporary accommodation, meals and other living expenses if your home becomes uninhabitable due to covered damage.
How Many Home Insurance Claims Can I File?
There is no set limit on the number of home insurance claims you can file, but frequent claims can have consequences such as increased premiums, nonrenewal or even policy cancellation. Each claim also comes with a deductible cost, so using your insurance for significant losses rather than minor issues is advisable. Home insurance is best suited for protecting against severe damages or catastrophic events. It’s wise to handle more minor repairs out of pocket to avoid potential negative impacts on your coverage and finances.
Do I Buy Homeowners Insurance Before Closing?
Securing homeowners insurance before closing on a home is crucial. Most mortgage lenders require it to safeguard their investment and often demand proof of coverage before finalizing the loan. Homeowners insurance protects the lender and the homeowner by providing property damage and liability coverage. It’s wise to start the process early and shop around for the best policy.
How Much Home Insurance Do I Need?
Contact Hanway Insurance to discuss your homeowners insurance. We can make coverage recommendations based on your specific property.