Understanding your Homeowner’s Policy

By Todd Powers
Alfa Agent, South Huntsville

You have just purchased the home of your dreams…now what?  You want to make sure you protect your largest investment while also safeguarding the smaller things. Your first step is understanding your policy.
Alfa’s homeowner policy is a package policy, meaning there is coverage for property damage and liability coverage. There are a few losses, such as flood and earthquake, which are not covered under your typical homeowner’s policy.  While these are not covered by your base policy, separate policies may be purchased for these coverages.

The base homeowner policy provides coverage for the following:

Main Dwelling Structure – The house you have worked so hard to make a home.  This provides coverage to repair or rebuild your home in the event of a covered loss depending on the type of policy purchased.
Other Structures – It is very common to have structures on the property that are not permanently attached to the main dwelling. Do you have an outbuilding to store your lawn equipment or a privacy fence? Don’t worry, most policies automatically include up to 10% of the value of your home for outbuildings, but we’ve got you covered if you need more.

Personal Property – What would a home be without your treasured possessions? This includes your personal belongings such as clothing, furniture, etc. Some items, such as jewelry and firearms, may have limited coverage.

Loss of Use – Any time you have a loss, it is unexpected and not budgeted for; but in the event you have a covered property loss that damages your home to the extent that it is not habitable, this coverage provides for increased additional living expenses. Imagine the peace of mind knowing your policy helps with some of your expenses for being displaced.

Personal Liability and Medical Payments – You want to host family and friends in your home for fellowship and to celebrate holidays. You make sure your property is safe and ready for your guests, and then the unthinkable happens. One of your guests slips and falls down your stairs and is injured. As the owner of the home, you may be held responsible to pay for bodily injury or property damage to others. This coverage helps protect your financial wellbeing with liability and medical payments coverage.

Our homeowner insurance products offer a wide variety of coverage options. Get peace of mind knowing your home is protected. Contact Todd Powers at 256-883-8598 or tpowers@alfainsurance.com for a free quote on your new or existing home.

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