September 28th, 2023
Home insurance is must-have insurance for you as a homeowner that protects your precious house and reimburses you from losses due to destruction and damage. Bit by bit, you saved and bought your dream home. Wouldn't you be shattered if it suffers any harm like flood damage, hurricane damage, etc.? Such natural calamities are unpredictable and uncontrollable and in the event of a loss like this, you must try to recoup what you have lost.
One way of making up for property damage is by opting for insurance coverage from top insurance companies for your home. Insuring your primary residence or rental property is the best way to regain the money you lost due to property damage. The cost of homeowners insurance coverage is negligible when compared to the consequences and aftermath of rebuilding a fire or flood-affected home.
Insurance protection is also a must when you apply for a mortgage loan on your new home. No loan is sanctioned without homeowners insurance. Compare the limits of coverage and buy your standard and optional coverages from reliable homeowners insurance companies.
Having understood this, let us learn more about home insurance.
Property insurance is the set of insurance policies that cover properties. This coverage might be in the form of property protection or liability protection.
Property protection offers to repay the damage costs to the owner or renter of the building in case of an accident or theft. It also reimburses any person injured in the mishap, even if he is other than the owner or renter.
Property insurance includes several homeowners policies like
Adequate homeowners coverage for property insurance is of 3 types- actual cash flow, replacement costs, and extended replacement costs.
Property insurance covers the effects of hail, snow, lightning, fire, smoke, etc., but it does not have flood coverage or tsunami coverage. Nor does it include the damage due to flooding of drain valves, seepage of groundwater, damage to sump pumps, mold formation, etc. These would be considered additional options that you can add to your policy.
Homeowner's insurance refers to the insurance on personal property and real property like a home.
If your home suffers accidental damage, only home insurance can help you cover the cost of damage. Homeowners' insurance may cover damage due to theft, natural calamity, vandalism, etc.
Homeowners' insurance policies include dwelling coverage, structures coverage, personal liability coverage, medical bills, etc.
Standard homeowners' policies do more than just protect your home. Sufficient coverage for the square footage of property will ensure peace of mind. They include the potential costs for covered events like these:
All of us do our best to safeguard our homes with the latest gadgets for their physical safety. But, financial losses are bound to occur if the house is damaged due to any natural disasters. If you ensure financial protection for your home through insurance coverage, these losses can be minimized.
Every mortgage company which lends money insists on not just your property as the collateral but also on building insurance to protect it. Since the building is part of the security that the mortgage company has over the loan, it insists on a homeowners insurance policy to protect its financial interest and get its mortgage payment done.
Sometimes, expensive items like carpets or paintings are ruined by a fire or a flood. If you had taken an accidental cover over them, you can make up for their loss. A standard policy for such accidental coverage must cover air conditioners, hot water boilers, water heaters, etc. Even drain boilers, drain plumbing fixtures, water pipes, and sewer backup may be covered within the policy limit, if not they might be able to be added.
Some personal items like laptops, musical instruments or phones may be covered under this replacement coverage. If such items are lost or damaged within a specified period, they will be replaced if they have a replacement insurance cover.
Medical payments can cost dearly in case of unexpected emergencies. Some home insurance policies cover such medical payments and help you ease your financial burden.
Sometimes additional structures in your home like a yard, fence, or garage might get damaged in a natural calamity or even due to malicious mischief. Dwelling limits coverage may even include damage to trees. If they are covered by homeowners' policies for insurance, you can regain their losses.
If any damage is caused to someone else's personal property, this personal liabilities coverage will come in handy. This liability insurance will cover the repair costs along with the medical bills if necessary.
If your home is ravaged by a fire or some natural disaster, then you will need an alternate living accommodation. You may have to bear expenses for hotel lodging till you settle into your new home. The extra cost for the living expenses that you incur on account of this is borne by this separate policy for additional coverage.
This type of coverage takes care of any medical expenses incurred by a guest.
All insurance policies have coverage limits. This limit is the maximum amount your policy will pay towards the covered claim. Also, check the documents regarding Federal Flood Insurance - Policy Forms and Documents, and the Center for Insurance Policy and Research (CIPR) website to learn more about your insurance laws, rights and duties.
Look for standard homeowners' insurance policies that have increased limits to cover the cost of losses. Good insurance companies have smart insurance agents who suggest the right insurance plan with adequate limits for you. If you are in the State of Maryland, contact Billy Sutton and Lacey Sutton from Coldwell Banker Chesapeake Real Estate to guide you on getting the right insurance for your home or property.
Billy Sutton was great to work with on the purchase of our poultry farm. He provides a wealth of knowledge and we were completely blown away with how resourceful he was. Anytime an issue came up or we were worried about something, he had an answer. He is direct, kept us updated, and made it an enjoyable purchase.
Eddie P.❉April 27th, 2020
Billy contacted me one day and said he had found my way into the poultry business. I had never used a realtor before so this was all new to me. He was very helpful with every question I had. He made sure I was stress free every step of the way, always made sure I had everything done that needed to be so that we were always a step ahead, and always informed me of things to be done that I didn't know about. I would highly recommend using Bill Sutton as your realtor.
Dylan P.❉April 22nd, 2020
A very trustworthy and professional agent. I would definitely recommend him.
Brett D.❉March 9th, 2020
Billy was a fantastic realtor. Being a first time home buyer I was a little stressed and nervous, however, Billy made it stress free and was always wiling to come whenever I needed to show me a house, or answer a phone call to explain something to me. I would definitely recommend Billy to anyone that is buying a house, first time, or fifth time!
Patrick C.❉March 6th, 2020
It was great working with Billy, He is very dedicated to his clients and will go out of his way to satisfy your needs. So if your looking for a hard working realtor Billy is your guy!!!!!
David W.❉November 1st, 2019
If i could give 10 stars I would. Billy was a perfect fit for us. He is a true professional and was very understanding of our concerns. Billy was a great listener. He was with us the entire way. You can call him anytime with question and you will get a very prompt answer. We will definitely use Billy in the future with any real estate needs that might arise. You cannot go wrong with Billy.
Dave K.❉October 26th, 2019
I've heard horror stories over the years in regards to realtors, I guess those people didn't have the right realtor because Billy Sutton did an amazing job, I was looking at houses 2 1/2 hours apart and one way or another he would always show up full of energy and full of knowledge. It's been two years and we still communicate with one another and I recommend him 100%
Jorge V.❉October 9th, 2019
Billy was a pleasure to work with. He's knowledgeable, hard working, and sold my home quickly for a great price. I highly recommend!
Andrew M.❉October 2nd, 2019
Billy is a very knowledgeable real estate agent. If you have a home to sell, give him a call.
Patricia S.❉October 1st, 2019
Billy is incredibly knowledgeable in real estate and talked me through every step of the home buying process for my first home. I went into the process well informed and confident in my decision to buy, and would recommend Billy to anybody looking to purchase a home.
Nick M.❉September 29th, 2019
Lacey is an amazing person she listens to what you want in your dream home and takes the time to find the home that is perfect for you and your family. I totally recommend her to anyone.
Tanya C.❉April 17th, 2020
Lacey was a amazing realtor she worked tirelessly to find us a house that our family would love and she knocked it out of the park. Thank you so much for the hard work you put in.
Larry G.❉March 6th, 2020
I couldn't of asked for a better person helping us with our home! She's highly professional and made sure we found our dream home. Lacey always made time for us as clients and worked so hard to make everything go as smoothly as possible.
Stephanie D.❉March 5th, 2020
Lacey is amazing! She is so patient, understanding, honest and fair! She is everything you would want in a realtor but rarely find. The home buying and selling is a whole process that can be overwhelming and almost impossible if you don't have the right person on your side. She is so caring and pays attention to details you couldn't ask for anyone better to be there with you as you make such an important decision.
Cassi P.❉September 25th, 2019
I have known Lacey for over 15 years. She is one of the most detail oriented and hardworking people I know. I have watched her help people and over again!! I would recommend her to anyone!
Amanda B.❉September 25th, 2019
Whether you’re selling or buying a home for the first time or the tenth time, we’re here to help the process go as smoothly and quickly as possible. Just let us know your real estate goals and we’ll make them happen.
We’d be happy to discuss your home for sale and answer any questions you may have about buying or selling homes in Maryland. Drop us a line or fill out the contact form today – we look forward to getting to know you!