When you buy homeowners insurance, you’ll have to choose the right types and amounts of coverage for your needs. Your home’s location will play a major role in those decisions.
A standard homeowners insurance policy only pays for losses caused by covered perils. Things like flooding and earthquakes are excluded.
If a house is at risk for a type of disaster that’s not covered by a standard insurance policy, you can purchase an endorsement or a separate policy so you’ll be adequately protected.
Extra coverage can add a lot to your insurance premiums. You might be able to save money by shopping around and inquiring about discounts.
If you’re interested in a particular property, ask your real estate agent about the risk of natural disasters.
Think about the cost of homeowners insurance coverage and how the risk of a disaster could impact your mental health and quality of life.
