When you purchase a home, live within it, and build upon it, the house and land become a physical representation of your hard work. In addition to the value of a home as a place to live, the financial value of your home may represent a substantial amount of your family’s assets. While Maryland has a relatively temperate and hospitable climate, it is not immune to natural disasters. A home can catch on fire in a number of ways ranging from the unfortunate accident to the intentional arson. Thieves are always on the lookout for an easy score, and vandals may destroy your property just for fun. A home insurance policy can help you replace damaged assets for a fraction of the cost, making it an essential component of any homeowner’s financial portfolio.
Home insurance policies fall into several different categories depending on the property being covered and the types of damages for which the policy will pay out compensation. The most common form is HO-2 Broad form or named-peril policy. In the documentation, you will see a list of the types of damages which the policy considers a valid reason for a claim. This typically includes damage from fire, theft, vandalism, falling objects, plumbing issues, and more. It is important that you review the list carefully so that you understand what damage is covered.
While the name on the label does say “home” insurance, you can purchase policies which cover an owned condominium with modifications to fit their specific needs. Renters may also purchase insurance that mimics much of the benefits of normal home insurance policies plus the option for liability coverage.
Leon Insurance LLC will work with you to design the home insurance policy that best suits your finances and risks. For a home, renter, or condominium owner insurance policy tailored to fit a Maryland resident needs, contact Leon Insurance LLC online or by phone to schedule a consultation.