Missouri Homeowners Insurance Quotes
The most valuable possession you can own is your home. You might have purchased this with your entire life savings, or with a mortgage, or it may even be ancestral property. Hence, it is essential that you protect your home to the fullest extent possible, which is why a homeowner’s insurance policy is an ideal option. A homeowner’s insurance policy purchased in Missouri will cover any loss to your personal possessions, any damage to your property or the residential place covered by the policy, due to such conditions listed in the policy. The insurance company will compensate such damages up to the policy limit.
Personal effects covered
Your home is your most prized possession and your personal possessions, which also have a high value, need to be protected too. Such possessions as a home theatre, or a state of the art computer or laptop, your air conditioner, or family heirlooms and jewelry, all need to be insured. This is because they need to be safe and replaceable in case of theft or burglary. Even such incidents as fires or storms are not foreseen by anybody, but when they occur there could cause serious damage to your private possessions, resulting in huge financial and emotional loss.
Missouri homeowner’s insurance policy provides protection to your home and all your personal property, which may be in your home. Also, in the eventuality that due to an accident the guests in your home are injured, then this liability is also covered by the policy. If, due to some calamity, your home is damaged to such an extent that you cannot continue living in it, then the policy will enable you to claim living expenses, which will include expenses for staying at a hotel or any other suitable alternate place of residence.
Reimbursement as per perils covered
The features of a homeowner insurance policy may vary from one policy to another depending upon the type and number of perils you want to cover. A standard policy will insure your dwelling or place of residence. If your home is damaged due to any of the perils covered in your policy, then the damage will be reimbursed within the limits of the policy. Your policy can also include cover for other structures surrounding your home, for example, sheds or a garage, which may be on the same property. Damages to these other structures are also covered under a homeowner insurance policy.
A homeowner’s insurance covers any damage to your personal property within your home, including furniture and fixtures. These can vary from home appliances to more costly electronic items. Any loss or damage to these items can be claimed if the loss is due to a peril covered by the policy. If there is any calamity or disaster, which is covered by the policy, and your home becomes uninhabitable, your policy enables you to claim for expenses towards the reconstruction of your dwelling and all expenses related to your alternate temporary place of residence and other living expenses.
Liability to third parties
If you are liable, due to any act, for damage or loss to another person or his property, then this type of policy covers such liability. For example, if a guest slips in your home due to the floor being wet, they may sue you if they are injured. Your homeowner’s insurance policy will cover such a lawsuit. If the guest does not file a lawsuit but holds you responsible for the injury and demands reimbursement of medical expenses incurred, then your policy will cover this too.
A need for renter’s insurance
There is a misconception with individuals who live in rented homes that their personal possessions are covered by the landlord’s insurance policy. The landlord purchases an insurance policy to safeguard his assets and therefore insures only what he owns, that is the building. Your rented home is not included in his insurance policy. Hence, it is vital that you purchase a separate policy for your rented home called the renter’s insurance. This policy will take care of any damage or loss to your property and possessions in the event of theft, burglary, fire, lightning, smoke or even damage by water from a faulty drainage system.
If you own your home then you can opt for a standard cover under HO-2 along with additional insurance under HO-3 special coverage. If your home is quite old, then it is advisable to purchase HO-8 actual cash value insurance. This will cover your basic construction costs if your home is completely and comprehensively destroyed by any peril listed in your policy. This policy does not cover any additions beyond the cost of basic reconstruction of your home.