Pearland is a great place to live, so buying a house in the area is a smart choice if you plan on staying for a while. If you take out a mortgage for your property, your lender will undoubtedly require you to maintain homeowner insurance for as long as you are paying off the loan. Even if you didn't use a home loan to purchase your home, it is still practical to obtain adequate insurance coverage to secure the property as well as your finances.
Homeowner Insurance Basics
At the very least, your mortgage lender will require your homeowner insurance to cover the structure of your Pearland house. In the event that your home is damaged due to an accident or break-in, your policy will cover the cost of the repairs after you have met your deductible. This way, you won't have to cover the majority of the repair costs on your own.
Most lenders also require liability coverage in your homeowner insurance policy. This aspect of coverage protects you if someone gets hurt while visiting your home. If the person sues you for their injuries, your insurance will likely pay any settlement you owe, protecting you against them trying to take your house or other assets to cover their medical expenses.
Upgrading Your Coverage with Add-Ons
For some people, the minimum coverage may be enough, but you'll likely want additional protection. You have a number of options available to you in this area to enhance your coverage. For starters, most basic policies don't cover your belongings, like your furniture, appliances and other common household possessions. Adding coverage for the contents will enable you to replace the majority of your belongings if they are destroyed in a fire or other disaster.
Valuable items, like fine art and jewelry, typically won't be covered under the home contents coverage, as the cost to replace them is significantly higher than for other items. Once you provide a valuation of your engagement ring, artwork or other expensive item, your policy can cover these possessions as well.
You also have the option of including flood or earthquake coverage. These natural disasters aren't covered under standard homeowner insurance policies, and the high level of destruction in these events could leave you without a home if you don't have this additional coverage.
Get the Coverage You Need Today
Here at Hart Insurance Group, we'll be happy to walk you through the homeowner insurance options available to you for your Pearland home. Call us today at 281-419-1656 to learn more.