Buying your first home comes with a lot of responsibility. It's up to you to protect yourself on your new property. After all, you might not realize how many dangers lurk around the house. And these dangers may pose property damage risks.
Keeping yourself safe often means investing in homeowners property insurance. But, before insuring the home., it's important to find out what dangers may lurk on the property.
Reducing Property Damage Risks
With the right care, you can often reduce the chances of property damage. Risks might damage the home's structure, the personal possessions inside or other items. Certain risks might include:
- Developing structural damage. All homes face wear and tear. So, it's important to stay on top of maintenance. Periodically, you may need to replace your roof or restructure foundation, for example. Staying on top of developing problems may help keep damage risks from becoming worse.
- Bodies of water. Homes near lakes, rivers or oceans may see various property threats. These may include foundation erosion or flood risks. Take preventative steps to keep water from entering your home. This includes ensuring that your drainage systems direct water away from the home.
- Nearby foliage. Trees may fall, limbs may break or other shrubs might cause home damage. Do not let foliage get out of control. Clear dead shrubs from the property expediently.
- Fire risks. Fires can arise from malfunctioning appliances, faulty wiring, clogged chimneys and other sources. Repair, clean and maintain these systems. Always be careful when using flammable materials in your home.
- Weather risks. Every location has weather risks. Make sure you incorporate protection into your home. For example, if high winds are common in your area, consider investing in stronger roofing.
- Local crime. No neighborhood is immune to crime. Protect your home by using advanced home security systems. Keep an eye on your property at all times.
Insuring and Protecting Your Property
Standard home insurance usually comes with various protections for the home's property.
- Structural protection can protect the house and often detached buildings on the property. It can help you repair or replace the house following a covered loss. Make sure you carry enough value in coverage to rebuild the home if necessary.
- Possessions coverage helps you replace your personal items following a disaster. You can often set a dollar value that you would like to receive to cover lost personal items. The policy can then pay up to the coverage limit on those losses.
It's also important to remember that most standard homeowners policies have limits. For example, most policies will exclude coverage for weather-related flooding. If you face a high risk of floods in your home, you may have to get flood insurance to protect the property. Therefore, comprehensively examine the damage risks your home faces. Then, talk to your insurance agent.
Raymond Preston & Reed, LLC is here to help with all your home insurance needs. Contact us today to get started!