Home Insurance FAQs

Protecting your home should be high on your list of priorities, but when most people think of protecting their home they think of physically protecting it with security systems. Your home protection should go much deeper than that. At Kingston Insurance Agency LLC, serving South Kingstown RI, we understand that real home protection starts with home insurance. Keep reading to learn more about this important way you can protect your home. 

Home Insurance FAQs

How Does Insurance Protect My Home?

Homeowner’s insurance does not physically protect your home from catastrophe, but what it does is protect your peace of mind. When you have proper home insurance in place, you know that you will always be able to provide a place for your family to call home. Even if your current home is damaged or lost, a solid homeowner’s policy will provide you with the funds to repair or replace your home. 

Is Home Insurance Required By Law?

In some regions, home insurance is required by law, but in most places, it is not. If your home is currently under the mortgage, you may be required by the mortgage company to provide home insurance. This protects the investment the mortgage company has made in the property. 

What Does Home Insurance Cover?

Most policies are very similar, but you can get your homeowner’s policy customized if you need to. In general, a homeowner’s policy will provide coverage in the following areas:

  • Property Damage- If the home is damaged or lost, you will be paid a benefit amount to repair or replace your home. This coverage can also cover the value of personal belongings within the home or on the property. 
  • Liability- If someone is injured at your home, you could be held liable for their medical expenses. Liability coverage will pay for this. 

If you would like to learn more, contact us at Kingston Insurance Agency LLC serving South Kingstown, RI, and the surrounding areas. 

4 Facts About Home Insurance

When considering a mortgage for your South Kingstown, RI home, looking out for home insurance is the last thing on your mind, yet the two are related. While home insurance isn’t mandatory in Rhode Island, your mortgage lender may require you to carry homeowners insurance as long as the loan facility is outstanding.

Are you interested to learn more facts about home insurance? Stick on as Kingston Insurance Agency LLC shares interesting facts about home insurance.

Home insurance doesn’t cover all damages and losses

Homeowners insurance protects you against several perils, but like other insurance plans, it has exclusions, too. Home insurance doesn’t cover damages as a result of:

  • Floods and earthquakes
  • Normal wear and tear
  • Pest and molds

Furthermore, home insurance provides limited protection to high-value items like jewelry, silverware, and cash. Be sure to check with your agent to purchase additional coverage.

Home insurance covers personal assets

Home insurance isn’t all about liability and structure protection. It protects your personal belongings as well. In case of loss or damage to items like clothing, electronics, and furniture, home insurance can save the day. 

Market value differs from the cost of rebuilding

In many instances, the cost of rebuilding your home exceeds the home market value. As a result, if your home value is the basis of your home insurance, your home may not be covered fully in case of a total loss. Since market value depends on market realities, it’s subject to fluctuations. Where there is a drop in value, you will have fewer funds to rebuild your home.

Remember to update your home insurance

When you undertake significant renovations and additions to your home, don’t forget to update your home insurance plan. The addition of structures like a swimming pool, garage, or shed must be reflected in your home insurance for optimal coverage. 

Do you need home insurance for your South Kingstown, RI home? You can trust Kingston Insurance Agency LLC to protect your beautiful home. Contact us today to speak to one of our agents.