For most clients, one of their largest assets is their house or residence. With that being said, it is good to review your homeowner’s policy from time to time. For most of you that have been with us, you have seen our “Success Triangle” and one of the items at the foundation of that Triangle is insurance. This is because if the proper insurance is not in place, it jeopardizes the rest of your financial health. In this article, we will discuss how much coverage you should have, what most polices cover and what they don’t.
What is a homeowner’s policy?
Homeowner’s insurance protects your home, its contents, and, indirectly, your other assets in the event of fires, theft, accidents or other disasters. A standard homeowner’s policy (known as an HO-3 policy) will protect you from things like fires and fallen trees. Floods or earthquakes are specifically not covered by a standard policy and require additional coverage.
...