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Home insurance is a policy designed to pay for damage caused to houses and their contents and surroundings. Rather than making policyholders spend an exorbitant amount of out-of-pocket funds to restore impacted structures, insurance carriers pick up the tab for repair and replacement services. Below is more information on how home insurance offers peace of mind.

A Guide to Home Insurance

Damage & Loss Protection

Most standard policies provide coverage for a wide range of perils, including damage caused by storms, fire, theft, and vandalism. Home insurance also extends to garages and other structures located on the property's grounds. Depending on the policy type, some will either pay to replace damaged structures or provide an actual cash value payment.

Liability Coverage

If the policyholder or someone else is injured on their property, home insurance covers the medical expenses. Coverage can also include paying for wage loss while the injured property recovers. Most policies pay for lawsuits and other legal costs filed by the person who was harmed.

Personal Property Protection

home insuranceFrom furniture and appliances to laptops and clothes, home insurance also covers personal property. If items are damaged or stolen, many insurance providers will reimburse policyholders for the losses. The protection also extends to covered persons away from home. This includes protecting personal items while on vacation or driving to and from work.

Lender Requirements

Banks and other lenders typically require mortgage loan borrowers to have a home insurance policy. Since they are the owners of the property until the loan is completely paid off, lenders want to protect their financial investment from damages and loss.

Temporary Living Expenses

Unfortunately, fire and other disasters may render a home uninhabitable. Most home insurance policies will pay for temporary living costs while the house is repaired. Covered expenses vary but typically include hotel stays, food, and storage space rental.

 

Home insurance is an essential part of protecting your investment. Kirk Insurance Agency in Spearman and Perryton, TX, has earned a reputation for stellar service and policy choices since opening its doors in 1978. Let the team of professional and friendly agents help you protect your home with quality and affordable home insurance. For a free, no-obligation insurance quote or to review your existing policy, call (806) 659-2794 today. Visit the website for information on other coverage options.

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