The coverage provided by homeowners insurance typically includes protection against losses from fires, storms, and other natural disasters. It may also have liability coverage for accidents on the property, such as a visitor slipping and falling.

When shopping for homeowners insurance, it is essential to consider the replacement cost of your home and personal property and the liability coverage you need. It is also a good idea to review the policy exclusions, which are events or types of damage that are not covered by the policy.

It’s important to review your policy regularly to ensure it meets your needs. For example, as you acquire new possessions such as jewelry or expensive art, you may need to increase your coverage to protect them. You may also want to consider additional coverage options, such as flood insurance, if you live in an area prone to flooding.

Effective on January 1, 2023 if the property is located in a special flood hazard area, coverage under the National Flood Insurance Program may be available for Illinois residents at a subsidized rate. If you select another product in lieu of a National Flood Insurance Program policy, your ability to later reinstate coverage at a subsidized rate may be impacted and the full-risk rate may apply.

When making a claim, it’s essential to have clear documentation of the damages and the belongings damaged. Having a home inventory checklist can come in handy in situations like this. It is also important to understand your policy’s deductibles, the amount you will have to pay out of pocket before your insurance coverage begins.

Homeowners insurance can be a confusing and overwhelming topic, but it is a crucial part of owning a home. With the right coverage, you can have peace of mind knowing that you and your property are protected in the event of an unexpected loss.