Homeowners Insurance

Protect Your Home and Everything In It.  

Understanding homeowners insurance is essential for every homeowner. It is a vital safety net, shielding homeowners from devastating financial losses in unexpected disasters or accidents. Without it, homeowners would have to pay for costly incidents out of pocket. 

Do I Buy Homeowners Insurance Before Closing? 

Securing homeowners insurance before closing on a home is crucial. Most mortgage lenders require it to safeguard their investment and often demand proof of coverage before finalizing the loan. Homeowners insurance protects the lender and the homeowner by providing property damage and liability coverage. It’s wise to start the process early and shop around for the best policy.  

How Many Homeowners Insurance Claims Can You File? 

There is no set limit on the number of home insurance claims you can file, but frequent claims can have consequences such as increased premiums, nonrenewal or even policy cancellation. Each claim also comes with a deductible cost, so using your insurance for significant losses rather than minor issues is advisable. Home insurance is best suited for protecting against severe damages or catastrophic events. It’s wise to handle more minor repairs out of pocket to avoid potential negative impacts on your coverage and finances. Talk to your insurance agent to make informed decisions about when to use your policy. 

What Does Homeowners Insurance Cover? 

The following are the most common coverage options included in a homeowners insurance policy: 

• Dwelling coverage may help cover the structure of your home itself, including the walls, roof, foundation and other built-in structures, in case of damage or destruction caused by covered perils.

• Other structures coverage extends to structures on your property that are not attached to your home, such as a shed or fence.

• Personal property coverage may help cover your personal belongings, including furniture, appliances, clothing, electronics and other items, in case of damage, theft or loss.

• Liability coverage may help provide financial protection if someone is injured on your property or if you cause damage to someone else’s property. It may cover medical expenses, legal fees and potential lawsuits up to the policy’s limit.

• Additional living expenses may help with temporary accommodation, meals and other living expenses if your home becomes uninhabitable due to covered damage.

Is a Detached Garage Covered Under Homeowners Insurance? 

Homeowners insurance typically covers detached garages, providing financial protection for the structure against perils like fire, theft and windstorms. The coverage is usually limited to a percentage of the total dwelling coverage, which can vary depending on the policy. However, the extent of coverage can also depend on the use and maintenance of the garage. Additional coverage may be necessary if it’s used for business purposes or houses high-value items. Special structures or unique features may require extra protection, and specific perils like floods or earthquakes might necessitate separate policies. To ensure your detached garage is adequately covered, reviewing your policy and discussing your specific needs with your insurance agent or company is crucial. 

How Much Homeowners Insurance Do I Need? 

Contact Cornerstone Insurance Services to discuss your homeowners insurance. We can make coverage recommendations based on your specific property.