Homeowners Insurance

Your home is likely your biggest financial investment.

When you consider a homeowners insurance policy, you’ll be considering the value of the building itself, and also the furniture, heirlooms and the other property you care about inside your home. Salvador Insurance agents have expertise in homeowners insurance as well as the specific policies our providers offer. We’re here to walk you through each step and choose a policy confidently.

Purchasing a home can be exciting, but it also comes with certain risks and responsibilities. If your home is damaged or destroyed, your investment in your property could be at risk. Few people can afford to repair or rebuild their home out of pocket. That’s why homeowners insurance is essential. 

We’re here to help you find the right home insurance for your needs. Contact Salvador Insurance in Chicago, Illinois, to learn more about our homeowners insurance coverage. 

What Is Homeowners Insurance? 

Homeowners insurance, also known as home insurance, is an agreement between you and your insurance company. In exchange for your premiums, your insurance company agrees to pay for covered losses, up to your policy limits and according to your policy terms. It is known as a package policy because it can provide liability coverage for you and your family in addition to reimbursing you for covered damage to your home.  

What Does Homeowners Insurance Cover? 

Most homeowners insurance policies include the following coverages: 

• Personal liability coverage may pay for costs (e.g., legal fees, medical bills) arising from claims that you are responsible for causing property damage or bodily injury to a third party.
• Personal property coverage may reimburse you for damages if your possessions are lost, stolen, damaged or destroyed by a covered peril.
• Dwelling coverage may repair or replace damage to structural elements of your home (e.g., foundation, electrical systems) if they sustain damage from a covered peril.
• Additional living expenses can pay for your expenses (e.g., hotels, meals) if covered property damage forces you to vacate your home temporarily. 

These coverages are a good starting place, but you may decide more coverage is necessary to provide sufficient protection for your home. Here are some add-on coverages to ask your homeowners insurance agent about: 

• Buried utility coverage
• Water backup coverage
• Equipment breakdown coverage 

Our homeowners insurance add-ons can provide customizable coverage for your home. Contact Salvador Insurance for a homeowners insurance quote today. 

Is Homeowners Insurance Required? 

Although homeowners insurance isn’t mandated by law, many mortgage lenders will require proof of home insurance for you to secure a loan. But even when it’s not required, you may choose to purchase home insurance to protect your investment. Call Salvador Insurance for more information on how homeowners insurance can provide peace of mind.  

How Much Does Homeowners Insurance Cost? 

Numerous factors will affect the price of your home insurance premiums. The following are variables your home insurance company may consider: 

• Home characteristics
• Claims history
• Location (e.g., state, zip code)
• Your marital status
• Coverage limits and amounts 

Finding the Right Homeowners Insurance 

We’re here to help. Contact Salvador Insurance to learn how our homeowners insurance can cover your house and to speak to an insurance agent.