Homeowners Insurance

While purchasing your own home may be an exciting milestone, becoming a homeowner also demands responsible management of significant risks and exposures. Your home may be the most significant financial investment you make in your life, meaning that being unprepared for even a single incident could have devastating ramifications. With these stakes in mind, you should prioritize understanding, acquiring and maintaining homeowners insurance.  

What Is Homeowners Insurance? 
As its name suggests, homeowners insurance is a type of property insurance focused on helping policyholders financially secure their homes. Also known as home insurance, this coverage may provide versatile financial protection from many common incidents and perils that could otherwise incur significant out-of-pocket costs and losses.  

How Does Homeowners Insurance Work? 
Like many types of insurance, your homeowners policy represents a binding agreement between you and your insurer. By paying your regular (e.g., monthly) premiums, you retain access to financial assistance in response to covered losses. Incidents and perils covered by your policy may vary, but typically the following are included: 

• Fire
• Lightning
• Smoke damage
• Explosions
• Hail
• Damaged caused by motor vehicles
• Theft
• Vandalism
• Falling objects (e.g., tree limbs) 

After a covered incident, you may submit a claim against your homeowners insurance policy. Your insurance company will then investigate your case and, if approved, provide funds to compensate you for your losses. 

What Does Homeowners Insurance Cover? 
Most standard homeowners insurance policies are comprised of several elements capable of covering losses related to the following: 

• Primary residence—This may financially secure the physical elements of your home, including its roof, walls, foundations, electrical and plumbing systems, and attached fixtures (e.g., cabinets, bookshelves).
• Other structures—This part of your policy may provide financial assistance for damages inflicted on additional structures on your property, such as detached garages, sheds and guest houses.
• Personal liability—If you or another insured listed on your policy are responsible for another party’s losses, such as a passerby’s injuries or a neighbor’s property damage, this coverage may insulate you from financial harm.
• Personal possessions—This coverage may compensate you for covered losses involving your belongings, including furniture, clothing and electronics.
• Additional living expenses—This feature may help pay for temporary costs, such as storage, restaurant meals and hotel accommodations if your home is rendered temporarily uninhabitable.
• Medical payments—If someone is injured at your home, this coverage may provide financial assistance for their health care costs, regardless of who was at fault for the incident. 

Is Homeowners Insurance Required? 
You are not legally required to carry homeowners insurance; however, you may still be beholden to other requirements. For example, if you have a mortgage, your lender typically mandates coverage throughout the duration of your loan. Even in the absence of requirements, homeowners insurance should be considered a top priority. Without adequate coverage, a single natural disaster, accident or other incident could cause catastrophic damage to your home and leave you without the means to repair your property or recoup your losses.  

Get the Right Coverage 
As an independent insurance agency, Granite Risk Advisors is uniquely positioned to address the coverage needs of homeowners, businesses and families in the Marietta area. Our dedicated staff will work with you to assess your circumstances, identify the best available options and procure optimal policies. Contact us today to get started.