If you spend your evenings mowing the lawn and your weekends repairing squeaky cabinet doors, you must be a homeowner. You take pride in your house and the investment you’ve made in it. At Midwest Insurance Solutions, we help you protect it.
How Much Home Insurance Coverage Do You Need?
Homeowners insurance is not required by law, but it is required by most mortgage lenders. Since your house secures your loan’s value, you are probably required to have coverage until the final balance is paid on your note. Even then, however, you still need insurance to protect the equity in your property, income, and other financial assets against loss. Iowa homeowners insurance can do all of that and more when you purchase comprehensive protection through Midwest Insurance Solutions.
Hazards and Risks
There are many hazards that threaten your home and everything inside it. Home insurance can cover you against many – but not all – of those risks. For example, a typical Iowa home insurance policy may cover:
- Fire
- Theft
- Hail
- Vandalism
- Smoke
- Wind
- Explosion
- Lightning
- And more
Certain events, such as flooding and earthquakes, are often excluded from coverage. If you want to add coverage for damages caused by these types of events, talk to your agent about endorsements and stand-alone coverage options.
Iowa Home Insurance Coverage Types
Your homeowners’ insurance policy will likely include several different sections, each of which outlines designated coverages for your property, belongings, and financial liabilities. Depending on the type of policy you select, it may include coverage for:
Dwelling and Other Structures
This coverage compensates you for damage to your home, whether a partial or total loss. It does not cover the land you built your home on, but it does cover the structure of your house, including the roof, foundation, walls, and the interior finishes and fixtures. The ‘other structures’ coverage is separate, and it typically covers things like your fence, shed, or detached garage.
Personal Property
This coverage reimburses you for the loss or theft of your personal belongings, whether they are destroyed by a tornado or stolen from the glove box in your car. Take inventory of your home to determine how much it could cost you to replace your items if you lost everything at once. Then, talk to your agent about the differences between full replacement value coverage and actual cash value (ACV) coverage, which only compensates you for the depreciated value of your items. We can help you determine which is right for you.
Liability
If someone gets hurt at your house or if your child accidentally runs into the neighbor’s garage with his bike, liability insurance can help cover your financial responsibility. It typically covers third-party property damages and injuries that happen on your property or for which you or a member of your household is at-fault. It can also cover your legal fees if you are sued for damages, regardless of whether you are actually at fault.
Note that liability insurance limits do not determine your actual financial responsibility. If a judgment against you exceeds the limits of your coverage, you may be personally responsible for paying the damages out of pocket. Talk to your agent to determine how much liability protection may be right for you.
Medical Payments
When guests are injured on your premises, you may be liable for the damages. However, medical payments coverage can provide instant compensation for necessary medical bills regardless of fault. In the case of a broken toe or ankle sprain, this may be enough to thwart a lawsuit. However, medical payments compensation does not alleviate a homeowner of actual liability.
Temporary Relocation
If you need to move to a hotel or apartment while your home is being rebuilt after a covered event, this coverage can help pay for the extra living expenses you may incur.
Des Moines Home Insurance Quotes
If you own a home in the greater Des Moines area, we can help you find affordable coverage from a reputable Iowa insurer. As an independent agency, we can shop and compare rates on your behalf to help you maximize the value of your policy.
For more information or to find out how we can help you save on your home insurance premiums, contact our office today.
