Home Insurance Basics- Sage

As you embark on your homebuying journey, understanding the basics of home insurance is crucial. Here’s a quick guide to help you get started:
Homeowner's insurance provides financial protection against unexpected events that could damage your home or belongings. The key components of your home policy are:
Dwelling Coverage: This protects the physical structure of your home, including walls, roof, and built-in appliances.
Personal Property Coverage: Covers your personal belongings, like furniture, electronics, and clothing, in case of theft, fire, or other covered events.
Liability Protection: Offers coverage if someone is injured on your property or if you accidentally cause damage to someone else’s property.
Additional Living Expenses (ALE): Pays for temporary housing and other living expenses if your home becomes uninhabitable due to a covered event.
Why do you need homeowner's insurance? Mortgage lenders generally require home insurance to protect their investment during the course of the loan. Insurance also provides the peace of mind of knowing your most expensive investment is protected against significant financial loss by helping to cover the cost of repairs or rebuilding after unexpected events like fires, storms, natural disasters or accidents.
Purchasing home insurance is an essential step in securing your investment and protecting your future. Be sure to shop around for the best policy that meets your needs and budget. Please be in touch if you need any recommendations.

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