Lenders require home buyers to maintain homeowners insurance in Peoria, AZ, as a means of protecting their investment. Even after you have fully repaid your mortgage, it’s still a good idea to keep that coverage on your home. In addition to covering damage to your home and separate structures on your property, homeowners insurance provides you with several hidden benefits.
Covers Temporary Expenses
If your home is damaged by a covered cause, you’ll be provided compensation for your temporary living expenses. This includes the cost of having to stay in a hotel or motel until your home has been repaired or rebuilt. You may also receive compensation for meals and other necessities. Be sure to ask your agent what types of coverage your policy provides in this situation.
Provides Liability Protection
If someone is injured while on your property, your policy may cover their medical expenses in part or in full. This may include injuries caused by a pet as well as slip and fall accidents and other types of injuries. Your policy may also provide you with compensation for your legal fees if you have to hire an attorney to defend against an injury claim.
Replaces Your Personal Belongings
When you set up your affordable homeowners insurance in Peoria, AZ, you’ll have to decide whether you want to cover the replacement value or the cash value of your belongings. While cash value may only provide you compensation equivalent to the current value of each item, replacement value may give you enough coverage to buy new and similar products to replace that which you have lost.
