Personal INSURANCE
Atlantic City & Beyond

Home is the place we retreat to, to be safe when the world is not. Now, more than ever, home is our sanctuary. But it’s also our office, school, daycare and gym. These times are uncertain, but some things never change. Trusted Choice Independent Insurance Agents like us can help you make sense of confusing circumstances. If you need us, we’re here. No matter what tomorrow brings.

What Is Homeowners Insurance?

Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

A homeowners insurance policy usually covers four kinds of incidents on the insured property—interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property—. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket cost for the insured.

When applying for a mortgage, the homeowner usually is required to provide proof of insurance on the property before the financial institution will loan any funds. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost. Payments made toward a homeowners insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.

Do you need homeowner’s insurance if you don’t have a mortgage?

Forbes says it’s a good idea to consider having a homeowners insurance whether you could afford to repair or rebuild your house if it were damaged or destroyed.
Homeowners insurance typically helps cover the costs of repairs if your home is damaged due to a covered peril, such as fire, hail, lightning or vandalism, says the III. And, should you not be able to stay in your house while it is repaired or rebuilt, your policy may also help cover additional living expenses if you have to temporarily stay in a hotel.