For many Oklahoma residents, homeownership is the goal. Most people start working on their credit and start saving so that they can buy their first home. In most cases, your home will be the most expensive asset that you will ever own. Because of this, you will need a home insurance plan to protect you and your home.
If you are a first-time homeowner, you should understand what your home insurance covers.
If your home is damaged or destroyed due to a fire, severe weather, or falling objects, your home insurance will pay to repair or rebuild the home.
If you have any other structures on your property, your home insurance will cover them as well if they are damaged or destroyed. The coverage would pay to repair or replace any structure attached to the home, such as outdoor sheds, attached garages, fences, and pools.
This coverage is essential because it will protect you and your financial well-being. If someone is hurt in your home or on your property, your liability coverage will pay their medical bills and any other costs associated with the accident. This will prevent you from losing all your money if they file a lawsuit.
Liability will also cover certain things that happen away from home. For example, if your child accidentally throws a baseball through the neighbor's window, your liability insurance would cover it. If your dog bites someone during a walk, your liability coverage will cover their medical bills.
Additional Livings Expenses or Loss Of Use>
If your home is destroyed or damaged to the point that it isn't livable, your additional living expenses coverage will come in very handy. This will cover the cost of your hotel stay or other lodgings. It will also pay for your food, storage fees, and any other costs associated with your inability to remain in your home.
If you are ready to sign the closing papers on your new home, you should have a home insurance plan before you do. The agents at KT Williams Insurance Group can help you with a policy that will give you the protection that you need. To get your policy started, give us a call or stop by the office today.