Homeowners insurance protects you from covering expenses following a home-related incident. Without the proper home insurance protections, you could be responsible for paying for expensive repair and replacement costs out-of-pocket.
What Is Homeowners Insurance?
Also known as home insurance, homeowners insurance can play a critical role in financially safeguarding your property. These policies establish a contractual agreement between you and your insurance company, and as long as you pay your regular (e.g., monthly) premiums, you can get access to financial assistance for covered incidents.
Why Do I Need Homeowners Insurance?
If you own a home, having homeowners insurance is essential. Although Georgia state law doesn’t require you to have a homeowners insurance policy, your lender may require insurance coverage. Homeowners insurance can protect you from the financial burden of repair costs after a covered incident.
What Does a Homeowners Insurance Policy Cover?
Policies vary among homeowners due to factors such as location and family size, but a standard homeowners insurance policy might include the following:
- Dwelling coverage—This helps cover repairing or rebuilding damage to the house’s structure.
- Other structures coverage—This assists in covering other buildings on the property, such as a shed or gazebo.
- Liability coverage—This helps cover injury or damage to others or their property if the policyholder is held responsible.
- Contents or personal property coverage—This helps cover clothes, furniture, electronics and other items in the home if they’re damaged or lost due to a covered cause.
- Loss of use coverage—This assists with living expenses in a covered loss, such as temporary housing after a house fire.
For more information on potential coverage options, contact The Insurance Lab with any questions.
Is Homeowners Insurance Required?
Although homeowners insurance is not legally required, you may be beholden to other obligations. For example, if you’ve purchased your home using a mortgage, your lender may require you to carry certain levels of coverage throughout the duration of your loan. Even in the absence of any mandates, homeowners insurance should be among your top priorities, as lacking coverage could leave you without the means to repair your home or replace your belongings.
Contact Our Agency
If you are a homeowner near Dunwoody or Atlanta, Georgia, we can help you out. The experienced agents at The Insurance Lab are determined to help you learn more about potential homeowners insurance policies so you can decide on the right coverage for you and your home.
Contact our agency today at 770-396-8888 to learn more.