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Home Insurance 101

Homeownership

Learn how to keep your home safe from unexpected events by understanding home insurance options.

Your home is a significant lifetime investment and home insurance offers protection against unforeseen events.

But how do you decide what’s right for you? Let’s navigate your choices.

TYPES OF HOME INSURANCE COVERAGE

Dwelling Coverage

  • Protects the structure: walls, roof, floors, built-in appliances and helps cover damage from fires, storms, vandalism.

Personal Property Coverage

  • Covers belongings: furniture, electronics, clothing and helps replace items if stolen or damaged.

Liability Protection

  • Covers medical or legal fees if someone is injured on your property.

Additional Living Expenses

  • Covers temporary housing costs if home becomes uninhabitable.

Coverage for Other Structures

  • Protects detached structure like garages, sheds, fences.

POLICY LIMITS AND DEDUCTIBLES

Policy Limits

  • Maximum amount insurer will pay for a claim.
  • Reflects cost of rebuilding or replacing.

Deductibles

  • Amount you pay before insurance kicks in.
  • Balance between premium cost and out-of-pocket expenses.

OPTIONAL COVERAGE

Flood Insurance

  • Not included in standard policies

Earthquake Insurance

  • Separate addition to standard policies

Scheduled Personal Property

  • For high-value items: jewelry, artwork

DISCOUNTS AND BUNDLES

Safety Features

  • Discounts for alarms, sprinkler systems.

Bundling

  • Combine home insurance with home or life for savings.

Know your home's value, size, and possessions and consult with professionals to ensure adequate coverage.

PRO-TIP

Regularly review and update your policy, especially after major life events or home improvements.

Topics:
Investing

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.

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