Why Do You Need Homeowners Insurance?

• If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
• If a guest in your home is injured, liability protection and medical coverage help pay expenses.
• If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
• If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what’s included and what is not.
 

• How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home’s features and the things you own so you can make an informed decision about coverage.)
• Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
• What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
• What’s the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)

» Insure multiple policies with GTPS. Insuring both your auto and home with GTPS qualifies you for a discount on BOTH policies.

» Increase your deductible. Deductibles range from $500 to $7,500. By raising the amount you pay out-of-pocket for losses, you can save more on your homeowners policy. Ask your agent to explain the trade-offs.

» Monitored fire or burglar alarms can reduce your insurance costs.
 

This protects your home

» Property or Dwelling Coverage
This typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event like a kitchen fire or windstorm.

These protect you and other people

» Personal Liability Coverage
Personal Liability Coverage. This applies if someone is injured or property is damaged and you are to blame. The coverage applies anywhere in the world. When choosing liability coverage, consider things like how much money you make and the assets you own. Your liability coverage should be high enough to protect your assets if you are sued.

» Medical Coverage
This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household or household staff.

» Additional Living Expenses
If you can’t live in your home because of a covered loss, GTPS will pay additional living expenses - typically for up to 12 months - while damage is assessed and your home is repaired or rebuilt.

These protect your belongings

» Personal Property
Your home is filled with furniture, clothes, sports equipment and other items that mean a lot to you. This helps replace these items if they are lost, stolen or destroyed as a result of a covered loss.

» Scheduled Personal Property Coverage
If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.