Your home is your residence and an investment. It’s also filled with precious memories and all your belongings. It makes sense that you should protect it against unforeseen events. Homeowners insurance will help with that.

Of course, before buying it, you should carefully research options to ensure that you’re getting a good deal. Get at least three quotes from different insurers and compare their prices and coverage before you decide. Both price and coverage are extremely important. There are several types of coverage and details you need to consider. Let’s check them out.

Dwelling Coverage

This coverage can help cover the costs of repair or even rebuilding the physical structure of your home if it is destroyed in an unforeseen but covered event.

Other Structures Coverage

This coverage helps protect structures like fences and sheds that are a part of your home but not attached to it.

Personal Property Coverage

Personal property coverage protects your belongings against any covered events. Your belongings include your clothes, furniture, electronics, and other items that will be specified in the policy.

Liability Coverage

In case a guest is injured in your home and you are held legally responsible for it, this coverage can help cover the legal costs and medical bills.

Additional Living Expenses

In case your home is damaged in a fire or by any other covered event, and you can’t continue to live there, there are policies that pay the additional cost required for temporary relocation while your home is getting repaired or rebuilt.

Deductibles

While comparing policies, ensure that you check the deductible amounts for each. If some policies appear cheaper, it may be because they have a higher deductible. In case you ever need to file a claim, that deductible amount will come from your pocket. So ensure it’s an amount you can afford.

Limits

Each policy has a limit which is the maximum amount it will payout for a covered loss. The limits you choose decide the cost of your policy. So check the limits while comparing policies.

The ideal thing to do is ensure that the policies you compare have the same types of coverage, deductibles, and limits. This will make it easy to check which one is better.