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The Best Insurance for Your Home: Choose Carefully

The average home is worth $200,000. That’s a lot of money to put on the line for something as important as insurance coverage during the worst case scenario. To help you determine which type of policy is best for your needs, we’ve created this list of pros and cons for each option:

– Homeowners Insurance –

Pros: Covers all structures on your property against damage from natural disasters or accidents that happen within your home.

Cons: Doesn’t cover any damages sustained outside of the house such as water damage due to a broken pipe in another room.

– Flood Insurance –

Pros: Covers damages caused by flooding from storms or other natural disasters with no limit on how much coverage you choose.

Cons: Coverage is only available for homes located in high risk areas and not all insurers offer the same coverage options.

– Renter’s Insurance –

Pros: Covers damage or loss to personal property such as jewelry, electronics, clothing etc. that may happen within your home without a deductible payment which helps you avoid paying for small damages.

Cons: Doesn’t cover any damage to the actual structure of your home or its appliances.

– Umbrella Insurance –

Pros: Covers above and beyond what homeowner’s insurance does for you with no limit on how much coverage is purchased. Some policies will even protect against libel, slander, defamation of character etc.

Cons: Can be expensive, depending on the amount of coverage you choose.

When it comes to making a decision about which insurance is best for your home, always weigh the pros and cons to see what will work best for your individual needs. Don’t forget that each policy has different exclusions so be sure to read the fine print before signing on the dotted line. And if you’re ever unsure about which policy is right for you, be sure to contact an insurance agent who can help steer you in the right direction.