Homeowners Insurance 101
Before you get a homeowners insurance quote, understand the basics of home insurance. What is home insurance? Find out that information and more.
You never want something bad to happen to your home, but if your toaster oven starts a fire or you’re the victim of a break-in, hazard insurance could help. Having the right hazard coverage in your homeowners insurance policy can help you protect what may be your biggest investment.
Hazard insurance is the part of a home insurance policy that protects the main structure of your home, any sheds or fences, and your belongings. As the name suggests, hazard insurance covers you in case “hazards” (or perils, as they’re often called) cause damage to your home or property.
Lenders generally require you to have some level of hazard insurance to get a mortgage for a new home.
Find out more about home insurance
Find out more about home insurance
Events that may be covered under hazard insurance include:
Hazard insurance doesn’t cover injuries that occur on your property or damages caused to another person’s property by members of your household. So, for example, if your dog bites the delivery person, you’ll need a different type of home coverage.
If you live in an area that is prone to natural disasters such as floods or earthquakes, you’ll likely need to pay for a policy beyond standard hazard insurance. Plus, things like jewelry, watercraft, ATVs and coins may require increased coverage limits to meet your needs.
How much you need depends on the value of your home and your belongings. An experienced insurance agent can help you find the right amount of coverage to replace your home based on its age, size and features. Generally, personal property limits are set at 50-75% of the home’s value, and the limit for other structures is usually about 10% of the home’s value.
There are several types of coverage you should consider when shopping for home insurance.
In addition to home insurance, you may want an umbrella insurance policy to provide an extra layer of protection in case of a major accident or high-value lawsuit.
Contact a COUNTRY Financial® rep to discuss the types and amounts of hazard insurance and other home insurance coverages you need.
Updated 10-2-23
Before you get a homeowners insurance quote, understand the basics of home insurance. What is home insurance? Find out that information and more.
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Start a quote or call us at 866-COUNTRY (866-268-6879). Find out more about home insurance.
Contact your rep or call us at 866-COUNTRY (866-268-6879). Find out more about home insurance.
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Home insurance policies issued by COUNTRY Mutual Insurance Company®, COUNTRY Casualty Insurance Company® or COUNTRY Preferred Insurance Company®, Bloomington, IL.
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