Homeowners’ insurance covers a multitude of items, but most people only think of it as related to covering repairs. Senn Insurance Agency of O’Fallon, MO wants you to understand how important this policy is to your home and finances. It does cover property damage to the home from numerous perils, but also for liability if somebody gets hurt on the property, damage to other structures on the property and the contents of the home. It also covers losses from theft, one of the most common forms of property damage.
A standard homeowners policy covers common natural hazards, called perils in the insurance industry. These include fire, hail, wind damage, tornado, theft, and frozen pipes. There are things that homeowners’ insurance does not cover also. These include flood, earthquake and, in Florida and Texas, hurricane damage. These require a separate policy for coverage. Flood insurance comes from the National Flood Insurance Program. You can obtain earthquake and hurricane, sold as wind insurance, from regular insurance carriers.
Some insurance carriers cover sinkholes under their homeowners’ policies, while others do not. It’s a more common problem than one might think. While they can occur almost anywhere, according to the US Geological Survey, the states experiencing them most frequently include Florida, Texas, Alabama, Missouri, Kentucky, Tennessee, and Pennsylvania.
Because of the wide range of protection it provides to your property, lenders require you to carry homeowners’ insurance while you carry a mortgage on the home. Call or visit Senn Insurance Agency of O’Fallon, MO to learn more about how homeowners’ insurance protects your home and your home business financially. Learn more about protecting your home on our website.