There are three main reasons to carry insurance on your home:
• To satisfy the mortgage lender’s mortgage requirement.
• To cover the cost of repairing the property if it’s damaged.
• To cover you from personal liability if someone gets hurt on your property.
Typically, homeowners insurance covers loss or damage to your property, possessions, pays for temporary rental expenses and legal fees if you are sued. However, while homeowners insurance is designed to cover loss to your property, not all disasters are created equal or covered by a standard homeowner’s policy. Home insurance usually does not cover loss due to floods, earthquakes, landslides or sewer backup as a standard. It usually can be added to the policy or purchased a separate policy though. Ask your Agent.
The reality is that living in an area, like Arkansas, prone to natural disasters, like tornadoes, means homeowner’s insurance is your best line of financial defense against mother nature
There are many factors as to the cost of homeowners insurance, including the size of the property, the property’s condition, composition and age, the property’s replacement cost and the distance to the neatest fire department and water hydrant, along with personal factors like credit, previous claims, etc..
Bear in mind, no matter how much you shop around for the best price, homeowner’s insurance rates in Arkansas will in the end be determined by the type coverage and amounts you decide to carry. Since Arkansas does not have any laws in place requiring homeowners to carry home insurance; coverage amounts, and deductibles, are entirely left up to your choice. While property damage and liability coverage are usually standard, most homeowners tend to add some type of additional emergency living expenses as well as medical payments to their insurance.
Additional options will raise your pricing,but may be well worth it to you. Everyone’s wants & desires are different. The best solution is to talk to an experienced Arkansas insurance agent to help you understand all of your options and find the best prices available for what you want.
About the Author:
DJ Noland is a licensed insurance professional in the state of Arkansas and managing Principal of McGhee Insurance Agency of North Little Rock, AR.Our offices specialize in placing insurance protection for individuals and families & businesses in Arkansas and would love to visit with you on your insurance protection to help structure a plan to protect what you’ve worked so hard for and will work hard for in the future.
[Click here to contact DJ today.]
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