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Protect Your Investment with Homeowners Insurance

Your home covers you, literally. Make sure to return the favor by covering your home for a variety of losses with homeowners insurance. Read on to learn more about what it protects.

Couple standing in front of home

Home is indeed where the heart is – a place to raise your family and make cherished memories. But oftentimes, it’s also your most valuable asset and it should be protected accordingly.

What is Homeowners Insurance?
Homeowners insurance overview provides you with financial compensation if a covered event damages or destroys your home, surrounding property or personal belongings. Typically, it provides the following coverage:

Dwelling Coverage: Helps pay for repairs or rebuilding of your home if it’s damaged by a covered cause of loss—such as fire, windstorm, lightning, vandalism or theft.

Other Structures Coverage: Do you have a garage, shed and/or fence on your property? If so, you’ll want to make sure it is also covered by your homeowners insurance.

Personal Property Coverage: Don’t forget about the valuable items inside of your home! Personal Property Coverage can pay for replacement of furniture, appliances, electronics, clothing, etc. in the event they are destroyed by a covered event. Special limits of liability may apply to certain items, so tally up the total value of your possessions in order to determine whether default coverage will suffice or if you’ll need to opt for additional coverage.

Loss of Use Coverage: If your home is severely damaged, you may have to relocate temporarily while repairs are made—this coverage pays for your additional living expenses during this time.

Personal Liability Coverage: In the event of a lawsuit, this coverage can help protect you and your family if you or a member of your household is responsible for causing bodily injury or property damage to others.

Why Do I Need Homeowners Insurance?
While it’s not required by law, most all lenders will require you to carry it for the duration of your mortgage. But even after you’ve made that final payment, it is wise to continue protecting your home into the future. Without it, you’ll be on the hook to repair your home out of pocket or worst case – you could lose your entire investment.

How Much Will Homeowners Insurance Cost Me?
That depends on how much coverage you’ll need. Other contributing factors include, but aren’t limited to:

  • What it would cost to rebuild your home
  • Your home’s age and condition
  • The city you live in and its fire protection rating
  • Items that pose increased risk, such as pools and trampolines

Regardless, the premium you pay will be a fraction of the cost to rebuild your home from the ground up and replace your possessions.

What If I’m Not a Homeowner?
Do you own a condo or townhome? We’ve still got you covered!

Or maybe you’re renting a home, condo or apartment? In that case, your landlord is responsible for Homeowners insurance, but you still have plenty of personal property and assets worth protecting with Renters insurance.

Where Do I Start?
Whether your home loan is with First Tech Federal Credit Union or elsewhere, we’re here to help with homeowners insurance that fits your priorities and your budget. Get a quote or find an insurance agent near you.