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What You Need to Know About Home-owner Insurance in Elyria, OH

Perhaps the most important thing for any home-owner to learn regarding the purchase of a home is that the home needs to be protected. Home-owner Insurance in Elyria OH is the best possible way to make sure that the home is properly protected, but many home-owners don’t know as much as they should about this very important investment. Most mortgage companies require their borrowers to arrange for home-owners insurance before they will even agree to extend a loan to them. This is in the best interests of both the mortgage company and the new home-owner. If any type of disaster happens, the home-owner can rebuild. This will make them far more likely to meet the terms of their buyer’s contract as agreed. Here are three things that home-owner’s insurance typically includes.

Liability Coverage

Liability coverage is created to protect the owner of the home in case damage is caused to a non-resident of the home. For example, any person who visits the home could fall and injure themselves. In most cases, a person who is injured in this manner will blame the owner of the house for the injury. Indeed, the injury may have occurred because of unsafe premises or because the home-owner neglected to warn the visitor of a potential hazard. If the injured individual gets a legal judgement against the home-owner, the insurance will pay for those damages.

Building Coverage

The dwelling itself is insured by building coverage. This type of home-owner’s insurance is generally meant to cover the exterior of the house only. This will include the frame, the roof, the foundation, and all other structural elements of the house. In cases of fire, floods, and other natural disasters, the insurance will pay for the homeowner to rebuild or repair the damage.

Contents Coverage

Everything that the home-owner keeps inside the house is normally covered by contents coverage. Home-owners should always be sure to discuss all of their possessions and the total value with their agent to make sure that the contents coverage is sufficient in the case of a total loss. If you need to get Home-owner Insurance in Elyria OH, consider contacting Schlater Insurance. Visit their website at or their Facebook page today.

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