Usually, there’s never foreseeing when a hazard like fire or hail could strike a California neighborhood, causing devastating damage to properties and untold distress to owners. If you own a home, rental apartment, or condo, consider protecting it with the right policy. Homeowners insurance in Calabasas, CA, can cover the cost of repairing or replacing your most valuable assets if damaged/lost in a home fire or other covered disasters.
What Is Homeowners Insurance?
Homeowners insurance is a type of coverage designed to provide financial protection for people that own residential properties. When you purchase this policy, you have peace of mind knowing that it can pay to repair or rebuild your property if it is damaged in a covered peril like fire or storm. It also covers your personal belongings against theft or damage. The policy is suitable for homeowners and landlords.
Estimating Your Home Insurance Cost
How much you should pay to protect your home and belongings with insurance depends on multiple factors, including:
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The coverages you buy: Homeowners policies come with optional coverage components, each of which has a separate cost. Adding an insurance endorsement to your standard coverage will raise your premium price.
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Your deductible: Selecting a higher deductible increases your responsibility for the loss payment, which usually lowers your insurance cost.
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Your total coverage: Setting higher limits increase your coverage to suit your unique requirements and financial situation. It also increases your insurance rate.
What Does Homeowners Insurance Cover?
Common coverages include:
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Replacement/repair of your home: Property or dwelling coverage is a component of your home insurance policy that pays to repair or rebuild your home if a covered event like fire or storm damages/destroys it.
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Personal liability: If a guest is injured on your property, such as in a trampoline or in-ground swimming pool accident, liability coverage pays for their medical bills. The policy can also cover a homeowner who’s to blame for the damage or loss of property belonging to one of their guests. Personal liability protects you, so you don’t have to pay for third-party losses/damages out of your own pocket.
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Additional Living Expenses: Severe damage to a home may force its owner and their family to move out and look for temporary accommodation. Your home insurance policy will pay for any extra living costs you incur between the date of the covered event and the day you can safely go back to your repaired or rebuilt home. Most standard policies cover up to 24-month’s worth of additional living expenses, including meals and rental fees.
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Your personal properties: These are the items you own and keep in your house or take with you when traveling. Personal property coverage pays to replace furniture, electronic equipment, clothes, and other belongings if stolen or destroyed in a covered event like fire.
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Your high-value possessions: If you keep high-end belongings in your home, like diamond jewelry, paintings, or antiques, you can protect them with scheduled personal property coverage. This protection is available as an insurance endorsement.
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Rental property coverage: When you’re renting out your home, you must have proper rental insurance to pay for any unplanned, covered repairs or replacements. You should also consider getting adequate liability coverage for third-party incidents commonly associated with rental properties.
Whether you’re a homeowner or landlord, you can secure your valuable assets and finances with comprehensive homeowners insurance in Calabasas, CA. Our experienced team at Burton A. Harris Insurance Agency has the expertise to help you get adequate coverage for your property and liabilities. Contact us today to get started!