Purchasing a home is a significant milestone for many people. However, before finalizing your closing, it’s important to reserve time to choose the right property insurance policy. The team at Wenatchee Insurance Agency, serving Wenatchee, WA, is here to help you select the best coverage for your home and outdoor structures.
What Is Property Insurance?
Property insurance is a broad type of coverage that protects against damage, destruction, and loss to your home’s structure, personal assets and outdoor structures, like a shed, detached garage or fences. Most mortgage lenders require you to have enough property insurance to pay for all the structures that need to be rebuilt in the event of a disaster. Regarding your personal belongings, most home insurance policies offer worldwide coverage, including items in storage and in your vehicle.
Personal Liability Insurance Coverage Is Often Included
In addition to covering physical structures and belongings, your home insurance usually includes personal liability coverage. Liability coverage responds to claims resulting from bodily injury or property damage that you cause to others by paying for the injured person’s medical expenses and rehabilitation care, up to your policy’s liability limits. For example, if someone falls down and hurts themselves on your property, your home insurance would respond. It also covers legal fees and court-ordered awards up to the policy’s liability limit if you’re sued.
Insurance Doesn’t Cover Every Disaster
Property coverage reimburses policyholders for repairs and replacement costs for damage to attached and non-attached structures, such as your home, garage, and fences.
However, flooding, sewer backup, and earthquake damage are always excluded from standard property insurance. Some home policies exclude coverage for wildfire damage, especially if your home is located in a wildfire zone. To protect against these disasters, you’ll need to purchase separate coverage or add coverage to your existing home property policy.
Call Us for a Property Insurance Review
If you’re unsure whether property insurance is necessary, consult with an insurance specialist here at Wenatchee Insurance Agency, serving Wenatchee, WA. Our team can help you determine the type of property coverage you need to protect your home and other structures on your property. Contact us to learn more about your options.
