Homeowners Insurance
Protect Your Most Valuable Possessions.
Since 1666 when the first private home insurance was issued following the Great Fire of London, home owners have been protecting their homes -- and their families' standard of living -- with homeowners insurance.
What Is Homeowners Insurance?
This coverage helps limit your financial losses if your home or its contents are damaged, destroyed, or stolen. For a budgetable annual premium, if you are adequately insured, homeowners insurance shifts the bulk of the exposure to the insurance company. So, depending on your policy, if your possessions are lost or damaged owing to fire, theft, vandalism, storm or another covered disaster, your homeowners insurance can help rebuild, repair or replace the asset. It can also pay damages if someone is hurt on your property. (Note that flood damage is not covered under homeowners policies and must be purchased separately.)
Who Needs Homeowners Insurance?
You may if you own a home, whether it be a single family home, duplex, condominium or mobile home. When you apply for a mortgage, the lender will generally require proof of homeowners insurance to protect both their and your investment in your home. Even when not required, however, homeowners insurance is the single best way to protect against unexpected losses.
How Does It Work?
Depending on your individual need and budget, homeowners insurance can be purchased in a number of "packages." Coverage may insure against losses owing to:
- Injury occurring on your property.
- Fire and lightning.
- Smoke damage.
- Windstorms and hail.
- Vandalism.
- Theft.
- Explosions.
- Riots and civil commotion.
- Damage by vehicles and aircraft.
- Glass breakage.
Premiums are based on the level of coverage, individual company rates (which may vary significantly), the value of your home and its contents, its location, and the amount of your deductible.
Why Should I Find Out More?
Ask yourself the following:
- If my home burned down, how would I find the financial resources to rebuild it?
- If my home were broken into and my possessions stolen or vandalized, how would I replace them quickly and without sacrifice?
- If a neighbor slipped and was injured on my property, would I be willing to risk paying for a lawsuit?
- If a tree fell on my roof, how would I pay for the repairs?
Homeowners insurance can limit your liability to your deductible amount if a covered event takes place.
Homeowners Insurance In Action: One Example
When Lou and Sally returned home from their usual Thursday evening dinner out at their favorite restaurant, they were met by fire trucks and police cars in the driveway. An electrical short in the stereo system had caused a fire that destroyed 40 percent of their home. Because they had a homeowners policy with broad coverage, their out-of-pocket expenses were minimal relative to the total costs sustained. The insurance company paid their temporary housing costs up to the coverage limit.
Get your mortgage from First Colony Mortgage.
Make smarter home financing decisions and find the right mortgage by visiting First Colony Mortgage to check current mortgage rates, use calculators and apply to lower your rate today.
Where can I get more information?
Call one of our licensed agents at 801-223-3200 for a free quote. Or email us your contact information below and one of our agents will contact you.