As a Rhode Island homeowner, it’s important not to overlook the financial protection that is provided by home insurance. You might think that insurance for your home involves property and contents coverage in case of theft or disaster, and while that is the case, most standard home policies are designed to offer a much broader range of protection than property damage alone.
Standard home insurance policies generally also provide liability coverage, which means that if another person is harmed in some way on your property and decides to sue, there may be financial assistance available for legal fees and any damages that need to be paid. However it is important to realize that policy limits apply and as such, extra liability coverage through an umbrella policy might need to be considered by some homeowners.
Additional living expense insurance
In addition to liability coverage, standard home insurance can provide additional living expense coverage. This means that if your home is uninhabitable, and requires repairs or rebuilding following a covered peril such as a fire, you may be able to access financial compensation for the extra expense incurred from alternate accommodation and living costs in the meantime.
When taking out home insurance, it’s important to ensure your property coverage provides sufficient funds to rebuild it entirely if necessary. Call or email one of our Rhode Island agents for assistance in finding a suitable policy for your needs.