What does home insurance cover?

Homeowner’s insurance is designed to cover many things. However, how much coverage you need is dependant on several factors. Homeowners usually arent insurance professionals, and trying to navigate the ins and outs of homeowner’s insurance can be confusing if you don’t know exactly how much coverage you need. One of our experienced insurance agents at Luke Peterson Insurance understands the confusion that homeowners insurance can often create when there’s a fundamental lack of understanding of what this insurance covers and how much you need. 

Coverage Where You Need it

Homeowner’s insurance is designed to cover several specific things. Dwelling coverage is designed to pay for the rebuild or the repair of your home. However, where you live is going to determine your state minimums for this type of coverage, as well as your premiums and limits. Keep in mind that if you have a mortgage or home loan, homeowners insurance is more than likely, not an option but a requirement. As a point of reference, coverage limits should be equal to the cost of rebuilding your home in your specific city or state. Additional living expenses coverage typically accounts for thirty percent of dwelling coverage. This part of homeowner’s insurance covers your personal; items and how much it would cost to replace them if they were damaged or stolen. This coverage is also designed to cover the cost of housing if you are forced to live somewhere else while your house is being rebuilt or repaired. 

Personal Liability coverage

Home is where the heart is, and many make memories in and around our homes. As a result, accidents can happen. If we are entertaining guests in our pool, and a guest gets injured, we could be held liable for the injuries our guests sustained while visiting our property. Also, as homeowners, we might be deemed responsible for damage to the personal property of a guest while they’re visiting your residence. However, as an Altoona, IA property owner, you should keep in mind that policy limits will vary for this type of coverage. 

No one should navigate something as important as investing in homeowner’s insurance alone. You can benefit from the help of a Luke Peterson Insurance agent as an Iowa homeowner. Give our office in Altoona, IA a call. We’re here to help you pick the best coverage for your situation.