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Canaan Insurance Agency
The Promise Land
Homeowners Insurance Information
What is Homeowners insurance?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Why do you need homeowners' insurance?
Homeowners insurance is important for several reasons:
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Protection for your home: Homeowners insurance safeguards your home from unexpected events such as fire, storms, or vandalism, providing financial assistance for repairs or rebuilding.
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Coverage for personal belongings: Your personal belongings, including furniture, appliances, electronics, and clothing, are protected by homeowners' insurance in case of damage, loss, or theft.
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Liability coverage: Homeowners insurance includes liability protection, which covers you if someone is injured on your property and holds you responsible. It helps with medical expenses, legal fees, and potential settlements.
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Mortgage requirement: If you have a mortgage, lenders typically require homeowners' insurance as a condition to protect their investment. It ensures your property can be restored or rebuilt in case of damage.
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Peace of mind: Homeowners insurance provides peace of mind by offering financial protection against unexpected events. It allows you to focus on your family and home without the worry of substantial financial losses.