Even if you’ve bought a home before, navigating the world that is your homeowners insurance policy can be incredibly overwhelming. For new buyers, it’s like looking at a foreign language. While many are choosing to rent instead of buy, that doesn’t mean that everyone in America wants a landlord over their heads.

People love privacy. Having your own home is a sign of worth ethic and a sense of peace. In fact, even millennials are more than old enough to buy homes, even though many of them are choosing not to. (the oldest millennial is now 38). And this means the next generation isn’t even that far behind.

Maybe you don’t want to think about it right now. But if you and someone else (or maybe just you!) are considering purchasing a home, you have to know every responsibility that comes with it. If you don’t read your homeowners insurance policy, then you’re going to miss out on vital information you might need in the event of a dire situation.

You can’t even buy a home anywhere in the states without needing to purchase homeowners insurance for it. So there’s always more than one thing that must be considered. It’s a huge liability. And when something happens that out of your control, you’ll be grateful to have that policy in place.

Don’t worry about being lost: there’s plenty of information on the internet to look at. But thanks to NerdWallet, here are some key points that any homeowner needs to know about reading their insurance policy thoroughly.

Why Homeowners Insurance is a Necessity For Homeowners

While it’s not required by law, you’re going to have to get insurance if you have a mortgage and a lender. Unfortunately, most people have a mortgage, meaning they can’t skip this coverage. Homeowners insurance covers dire repairs that need to be done to your home after some kind of incident.

Repair your home, yard or other structures if a fire or severe storm hits that wipes out everything. Can you imagine not being covered when natural disasters are so unpredictable? If you have personal belongings, this insurance will recover or replace them–whether they were in the home or not.

Finally, accidents happen. What if your aunt falls on your driveway and requires hip surgery? What is she sues? Or what if your dog bites someone? Having homeowners insurance helps make sure that all liabilities are taken care of as soon as possible.

But every policy is different and covers certain exposures. And then there are exposures that aren’t covered at all or need some type of Umbrella coverage to make up for that gap, which mainly happens with fire and natural disasters.

Here are some things that your typical policies won’t cover, but you can get additional coverage for:

  • Flooding
  • Earthquakes
  • Landslides
  • Mold
  • Infestations
  • Wear and tear
  • Nuclear hazard
  • Government action

If you have concerns about weather risks, your agent will know exactly what to do. We’re all facing the rise or unstable weather together. Your insurance company is here to make sure that you understand what you’re getting out of your homeowners insurance policy to the fullest.

About Thayer Innes and Freeman Bunting Insurance Agencies

At Thayer-Innes Insurance Agency and Freeman Bunting Insurance Agency, we strive to provide comprehensive insurance solutions to support Ann Arbor homeowners. Our homeowners’ policies can be tailored to meet your specific risk exposures and provides much more coverage than a traditional policy, giving you the peace of mind you deserve. For more information about our products, contact us today at (855) 395-6316.