As a homeowner in Mishawaka, IN, it is important to understand the different types of homeowners insurance available. Insurance is an important asset to own in the event of financial loss due to an accident, certain acts of nature, or theft that may take place on your property. You need to have the correct level of coverage for your home; a discussion with an independent agent for the Kevin Dennis Insurance Agency, Mishawaka IN can help you determine how much insurance you need and if you have the proper amount.
Types of Homeowners Insurance
There are different types of homeowners insurance coverage. The basic type of policy, HO-2, provides coverage for a variety of loss types. These include loss caused by fire or smoke damage, explosions, lightning, hail and windstorms, theft, vandalism, and any damage from vehicles or an aircraft. The basic form will also cover a financial loss that can occur from riots and civil commotion, and even a volcanic eruption, although a nonexistent risk to your Mishawaka, IN home.
Damage from floods and earthquakes are not covered under your standard homeowner’s policy. The risk of loss for floods requires the acquisition of flood insurance through the National Flood Insurance Program, a part of the Federal Emergency Management Administration (FEMA).
How Much Insurance Do I Need for My Mishawaka, In Home?
According to the State of Indiana Department of Insurance, 80 percent of your home’s replacement value should be covered by your homeowner’s insurance. This amount represents the full replacement of your home in the event of a total disaster (such as the case of a catastrophic fire that causes total damage to the home), less the deductible you pay. The best way to determine the replacement value of your home is to work with one of the independent insurance agents for the Kevin Dennis Insurance Agency to proper coverage and the peace of mind in knowing that your home is covered.