Here in O'Fallon, you are not required by law to have homeowners insurance. But that doesn't mean that you should ignore this important coverage.
If you took out a mortgage to pay for your home, your lender may require insurance. It can also give you greater peace of mind in knowing that your home is protected in the event of an emergency.
Here's what you need to know.
Common Homeowners Insurance Coverage Options
Homeowners insurance can encompass many components, but these are some of the most common:
- Liability Insurance - This component of coverage protects you if someone is injured while in your O'Fallon home or on your property, no matter who, if anyone, is at fault. Your coverage will take care of the person's medical bills and can also pay a settlement if they file a lawsuit, protecting you against losing your home to cover the costs.
- Property Damage Insurance - If your home sustains major damage, you don't want to have to cover the costs of the repairs yourself. That is where this aspect of coverage comes into play. Your mortgage lender will likely require enough coverage to repair or rebuild the entire home, and you'll have to maintain this coverage for the life of your loan. This coverage can also include Loss of Use coverage, which is optional. This will help pay your living expenses while you are displaced from your home.
- Personal Property Insurance - Whereas Property Damage coverage refers to the structure of your home, Personal Property coverage is for the belongings inside the home. This can include appliances, furnishings, clothing, sporting equipment, garden tools and more. Once you have determined an approximate value for the contents of your home, you can choose a policy limit that will allow you to replace everything if needed. You'll need separate coverage for high-value items, though, including fine art, jewelry and the like.
Other Coverage Add-Ons
There are many others possible components you can add to your homeowners insurance policy in O'Fallon, depending on the specific insurer you choose. The insurance experts here at Lang Insurance can help you evaluate your options and choose the perfect policy for your needs. Reach out to us today to get started with your free online quote.