Homeowner insurance is property protection. A policy will usually protect the home, as well as personal belongings, from damage caused by different covered perils. If you have a mortgage on your home, then your lender will require that you have this insurance. Even if you don’t have a mortgage, it can still be a good idea to protect your investment.
What Does Home Insurance Cover in Washington?
Your home insurance provides protection in two different parts. It covers your home and your belongings. This includes the actual dwelling and any additional structures you have on the property, such as a shed. It covers your personal belongings and also provides loss of use coverage if you aren’t able to live in your home after a covered loss.
The second part is liability protection. This covers any injuries by others caused on your property and any property damage that you or a family member cause to a third party. This will cover medical payments and your defense and damages if you are sued.
How Much Insurance Do You Need in Washington?
In order to decide how much insurance you need to protect your home, it’s a good idea to work with an agent at ASKE Insurance Advisors. Agents can professionally assess coverage needs. The replacement cost of the house is usually the amount you need to insure the home for. The value is based on the specifics of your home, including roof type, square footage, and any recent improvements. If your home is financed, you will need to have enough coverage to protect the investment. When determining your policy, it helps to know the difference between actual cash value coverage and replacement cost. Actual cash value coverage pays for your home and personal belongings but takes into account how much it has depreciated. Replacement cost coverage is the most common type of coverage and pays to repair or replace property without considering depreciation.
Contact ASKE Insurance Advisors to get a quote on home insurance.