Are you a homeowner? Would you like to be? Allied Insurance Agency, serving the Amarillo, TX area, is here to assist with all your insurance needs.
Protect Your Most Valuable Asset with Home Insurance
Homeowners insurance covers a private home. It is personal insurance protection that includes losses occurring to the property, its contents, and loss of use, as well as liability coverage for accidents that occur in the home or at the hands of the insured within the policy area.
The cost of homeowner’s insurance depends on the replacement cost of the home and any additional riders attached to the policy.
If a mortgage is carried on the home, the lender will require the buyer to purchase homeowners insurance as a condition of the loan. They require it to protect their interests in the event the home is destroyed and is a total loss.
Even if a property is mortgage-free, it is recommended that homeowners insurance be purchased. Why? You risk losing your home in the event of a lawsuit. Let the liability portion of the policy pay for the settlement. Otherwise, you will need to pay for it out-of-pocket.
Here are some basic perils which are covered in a homeowner’s insurance policy:
- Aircraft or auto collision
- Riot or civil unrest
There are some things that a homeowner’s insurance policy will not cover:
- Bird damage
- Earthquakes or movement of the earth
- General wear and tear
- Insect damage
- Poor workmanship
- Smog or smoke due to agricultural or industrial operations
If your home is damaged by a peril that is covered in the policy, like a weather event, fire, vandalism, or sudden or accidental water damage, the policy will likely cover it. However, most policies will not cover structural or foundation issues that occur over time. The causes of foundation damage will fall under the natural cracking, settling, and shrinking exclusion.
Give Us A Call
The Allied Insurance Agency in Amarillo, TX can answer any questions you may have. Contact us today.