Understanding Homeowners Insurance


Red Umbrella Protecting A Toy House On White Background: Insurance And Real Estate ConceptYour home is likely your most valuable asset, and a homeowners insurance policy is an important part of protecting your home and your belongings. If you have a mortgage on your home, your lender probably required you to get a homeowners policy. Even without a mortgage, homeowners insurance is still your best bet to protect your investment.

The basic job of a homeowners policy is to protect your home and possessions from certain perils, such as wind, hail, fire damage and theft. It also offers liability protection, which protects your assets from liability claims, medical expenses and other damages if people are injured on your property.

Most common types of homeowners policies
The type of home you own will usually dictate the coverage type you have. Here are the three most common options:
• Peril Policy – Only specific perils are covered, such as theft, wind, fire and lightning.
• Exclusion Policy – All perils are covered except those specifically called out in the policy, such as earthquakes, flood, mudslides, etc.
• Renters Insurance – Covers all of your personal property in an apartment or house. It also offers liability protection in the event someone is injured in your apartment.

Overview of your property coverage
When it comes to homeowners coverage, you need enough insurance in the event that you need to cover the cost of the following after a disaster:
• Rebuilding the structure of your home
• Replacing your personal property
• Paying for the cost of additional living expenses (if you need to live somewhere else while your home is repaired or rebuilt)
• Covering the cost of personal liability claims

Get help from the experts
Have a professional Insurance Services Representative review your Declaration Page, especially if your Declaration Page turned up exclusions you are unhappy with, minimum coverage levels are not sufficient, or it is simply not offering the protection you need. About two-thirds of American homes are underinsured, estimates Nationwide. Don’t wait until you file a claim to find out you lack coverage, or are underinsured and responsible for paying a lot of money out-of-pocket.


Would you like to have your Declarations Page reviewed? We can help.

Reach out to our Insurance Services agents today by calling (844) 498-6467 or visiting our web page at members1st.org/products-services/insurance-services.
Remember, you may qualify for an additional discount on your personal insurance premiums!

*Insurance products are not federally insured and are not obligations of or guaranteed by Members 1st FCU, Members 1st Insurance Services, or any other affiliated entity.


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