Home Insurance: Beginner’s Guide

What is Home Insurance?

Home insurance is coverage that helps protect your home and your belongings in the case of damages, theft, or other events. Though it cannot prevent these things from occurring, it can help cover the costs of replacing covered items.

Coverage Options to Choose From

There are many types of home insurance coverage, but the following are some of the ones Chicago, IL residents should consider carefully.

  • Personal Property: This coverage helps replace personal property, such as furniture and electronics, due to a covered loss. The amount of coverage you need will depend on the value of the possessions you are looking to insure.
  • Dwelling and Other Structures: This coverage can help covers costs incurred due to your physical home, sheds, detached garages, and more.
  • Loss of Use: Should the damage to your home make it impossible to use, Loss of Use can help cover the cost of you staying somewhere else, such as a hotel.
  • Personal Liability: If you are responsible for damages to another person’s property or an injury they incur, personal liability coverage can help cover any incurred expenses.
  • Medical Payments: If someone is on your property and gets injured, this type of coverage will help pay their medical costs.

Your home insurance plan can be completely customizable according to your needs. Marvin Sledge Insurance Agency, Inc. of Chicago, IL can help you determine the best coverage.

Is Home Insurance Required?

Home insurance is not required by law in Chicago, IL. However, there are times when you will need it nonetheless. For instance, if you have a mortgage on your home, your lender will most likely require you to carry home insurance to protect their investment. Once you have the mortgage paid off or down to a specified amount, you will then have the option to continue your coverage or not.

Stop by Marvin Sledge Insurance Agency, Inc. today to let us help you get the home insurance coverage you need for your home and life.