Homeowners

Homeowners insurance is sometimes also known simply as home insurance. It is a type of property insurance that covers you if you incur a loss or damage to your home or any items in it. Most homeowners insurance policies also have some element of liability protection in case someone is injured while on your property. 

Who Needs Homeowners Insurance?

If you own a house, a condo, or rent, then you need some type of property insurance. For many homeowners, homeowners insurance is required. That is because a vast majority of homeowners have some type of mortgage on their home. Mortgage lenders require borrowers to have homeowners insurance on their property as a condition of the home loan contract. However, even if you own your house outright and do not have a mortgage, it makes a lot of sense to have a homeowners policy. For many Americans, their house is the largest asset they own. Homeowners insurance is the best way to protect the value of that asset from damage or loss. 

What Do Homeowners Insurance Policies Cover?

Homeowners policies have a combination of standard coverages, as well as some extra coverages that can be added through riders or standalone policies. The two major areas of coverage provided by homeowners insurance are damage from specific perils and general liability.

Interior and Exterior Damage 

Your homeowners policy will cover damage to the interior or exterior of your home from common perils. The typically covered perils include damage from theft, vandalism, fire, smoke, and falling trees. It also protects you from common weather phenomena such as rain, hail, wind, and lightning. This aspect of coverage is particularly important to homeowners in Norman, Oklahoma. Homeowners insurance protects you from weather damage that is incredibly common in our community. 

Personal Liability

The liability protection in your homeowners policy provides you some protection from lawsuits. It protects you from liability due to injury or property damage caused by your premises, as well as the people and pets in your house. If someone slips and falls in your driveway, you will have some coverage. If your dog bites someone, you will also have some coverage. However, each homeowners policy has limits on how much they will pay out for liability. In order to get additional liability protection you will need to purchase a personal umbrella insurance policy. 

What Do Homeowners Insurance Policies Not Cover?

There are various parts of your home that are not covered in your standard homeowners policy and there are also some perils that are not covered. Here are some of the things that you will need additional insurance policies or riders to cover: 

Earthquake Damage

Damage to your home or personal items from earthquakes are not covered by a homeowners policy. You will need to purchase a separate earthquake policy.

Flood Damage

Homeowners insurance policies exclude flood damage from being covered. You will have to purchase separate flood insurance policies to protect your property from flood damage. 

Buffalo Insurance Has the Homeowners Insurance Policy You Need

Buffalo insurance is proud to be a staple in the business community of Norman, Oklahoma. Homeowners insurance protects families and their most important asset, their home. While there are standard homeowners policies, there are a number of different riders, amendments, and additional protections available. Every insurer provides different types of coverage. One of the strengths of joining the herd is that we give you access to hundreds of policies from America’s best insurers. This allows us to tailor a homeowners policy that is specific to your coverage needs and fits within your budget. We treat every client we work with like our own family, which is why we work tirelessly to protect your family. Contact us today to experience for yourself the value and comfort that comes from being a part of the herd.