Are you looking for homeowners insurance for your property in Bountiful, UT? By calling Jackson Insurance Services, you’ll be able to access a wide variety of homeowners insurance quotes in order to find the perfect policy for you.
Homeowners insurance is there to protect you in case something happens to your home. In addition, it also covers your personal possessions, legal expenses (if you’re being sued for an accident), and the cost of a hotel stay (if the damages are excessive). Even though homeowners insurance isn’t mandatory like auto insurance, mortgage lenders will, however, require you to have it for the duration of your mortgage term.
What do you need to know about homeowners insurance? Here are some of the basics:
- Figure out how much coverage you need to protect your property, personal possessions, and cover for liability
- Once that’s determined, you’ll pay your premium on a month-to-month or annual basis
- If your home or any of your belongings are damaged by an event listed in your plan, you’ll make a claim and the insurance company will pay to replace or fix them
If you need to find the policy that’s right for you, then Jackson Insurance Services can help. Our experts are ready to pull various quotes to find the plan that will provide you with the coverage you need for your home in Bountiful, UT.
What Does My Homeowners Insurance Cover?
Homeowners insurance is there to protect your home and personal belongings. You’ll have a list of perils that let you know what you’re protected from. Most homeowners insurance plans will usually have wind, hail, fire, water (from burst pipes), theft, and vandalism listed as perils. At Jackson Insurance Services, we’ll help you find a plan that will provide all the coverage you need.
Homeowners insurance is broken into several categories that have a specific purpose and have their own limits on coverage.
A typical homeowners insurance plan covers:
- The Home: There to protect against damages that happen to the structure of your home, such as the roof. It should be equal to the rebuild of your home.
- Other Structures: Protection for structures that are detached from the home, such as a garage, swimming pool, shed, fence, etc.
- Personal Belongings: Reimbursement for any of your personal belongings that get damaged.
- Added Living Expenses: In the case that your home is damaged so badly that it’s unlivable, you’re covered for temporary lodging and meals.
- Liability: Covers legal expenses if you’re sued for accidents on your property.
- Medical Expenses: Covers costs for minor injuries to any party (not a resident) who is injured on your property.
What to Know about Coverage
Not every homeowners insurance policy is the same, so it’s important to understand what kind of coverage suits you best. In the United States, the standard homeowners insurance policies are designated HO-1 through HO-8. These offer different coverage options to meet the needs of homeowners and the type of residence they’re insuring.
Essentially, there are three kinds of coverage you should be familiar with, and these include:
- Actual Cash Value: This covers the cost of your house and the cost of the items in the house (it’s important to note that the value of the items is based on what they’re worth currently and not how much you paid for them).
- Replacement Cost: Covers the actual cash value of your home and possessions without any depreciation taking effect. This type of coverage allows you to repair or rebuild your home up to its original value.
- Guaranteed Replacement Cost: Also referred to as extended replacement cost, this coverage pays to repair or rebuild your home, even if it exceeds your policy limit. Essentially, it provides you with more coverage than what you purchased, but there is a limit. Costs can only exceed to 20-25% above what you paid for.
Need a Homeowners Insurance Quote? Contact Us Today
Navigating through all the different types of coverage can be challenging, but that’s where an experienced agent can be beneficial. For residents in Bountiful, UT who are looking for a policy that suits them best can turn to Jackson Insurance Services.
At Jackson Insurance Services, we understand that homeowners have different necessities than others. There’s no such thing as a universal policy that covers everyone’s needs. Give us a call today at 801-264-1100.