Homeowners insurance helps protect your Burlingame, CA home and all its contents. If you’re new to home ownership, you may need a little help selecting a policy that corresponds with your property. The following home insurance facts from Commercial One Insurance Service can help you make wise home insurance decisions.
Importance of Home Insurance
In general, you need home insurance to protect your home and personal goods from theft, vandalism and the risk of disasters. If your home burns down due to an accidental fire, your dwelling and property insurance will help cover the cost of rebuilding your house and replacing your belongings.
Home insurance also protects you against liability claims if a visitor were to have an accident on your property. Without this coverage, you run the risk of paying your visitor’s medical expenses or property damage out of your own pocket.
What Home Insurance Covers
A standard home insurance policy will protect you against such perils as fire, smoke, hail, wind, lightning, explosions, vandalism, theft and water damage due to faulty pipes. It does NOT, however, cover flooding, damage caused by land movement (earthquakes, mudflows, landslides) or normal wear and tear of your home structure.
As a homeowner, you decide the type and extent of coverage to obtain for protecting your home and belongings. Most insurers offer homeowners a choice of actual cash value (ACV) or replacement cost value (RCV) coverage.
Replacement cost coverage is more expensive but it will cover the cost of rebuilding your home or replacing your goods if they’re totally destroyed in a disaster. ACV coverage reimburses you for damages after subtracting depreciation (wear and tear), which reduces the value of your home or property.
For quality home insurance coverage to protect your Burlingame, CA home, contact Commercial One Insurance Service.