Home Insurance in Springfield, Ohio
Your home is your shelter from all kinds of storms — real storms, social stresses, and more. It’s where you take refuge and spend time with those you care about most. Your home protects you, and you need to protect it, too.
One way you can safeguard your house is with home insurance. Home insurance provides financial protection in the event of a wide variety of disasters that could damage or destroy your home. Whether you’re buying a new home or making upgrades that need additional coverage, finding the best policy can feel overwhelming.
As an independent insurance agency who partners with a range of carriers, Wallace & Turner will work with you to tailor the right policy that fits your unique needs. Our team has been connecting clients with home insurance in Springfield, Ohio, since 1870. With extensive home insurance knowledge and an established reputation of trust in the community, we offer you the best coverage options at an affordable cost.
Read on to learn more about insurance, and reach out to us to discuss insuring one of your most important investments.
What Can Homeowners Insurance Cover?
Homeowners insurance protects you from the unexpected. From the physical structure you call home to the possessions inside it, a comprehensive home insurance policy will give you unparalleled peace of mind.
Here’s a breakdown of the most important items Springfield home insurance can cover:
Your House
In Ohio, we get a little bit of everything when it comes to natural disasters and severe weather: storms, fires, high winds, hail, deep freezes and blizzards. While hurricanes don’t directly impact the state, the effects from these massive storms can be felt. Every time one of these events strikes, people’s homes are at risk for damage.
This is what homeowners insurance was designed to help with. A comprehensive policy allows you to make a claim after there is damage to your home and recover costs to make necessary repairs or replacements, temporary housing, legal fees and more.
But weather isn’t all that your policy covers. Any homeowner knows that non-weather events can have even more disastrous effects than their natural counterparts. If a pipe bursts and floods your basement, or a faulty electrical wire sparks and causes a fire, your homeowners policy will kick in to cover the damage.
Your Personal Property
If you’re at home right now, look around. You may see your computer, TV, furniture, jewelry and clothing. All of these things are valuable and important to you, and if they get damaged or destroyed, you’re stuck with the financial costs of replacing them unless you have a comprehensive homeowners insurance policy.
Most homeowners insurance policies will cover up to a predetermined amount in property damage inside your home, and there are often options for increasing that coverage to match the value of your particular belongings.
Personal property coverage also comes in handy for a host of other types of incidents such as property damage from vandalism, fires and more.
Your Bank Account
Your homeowners insurance policy won’t literally cover the contents of your bank account, but it can protect your finances in a more indirect way. There’s the obvious protection of not having to pay out of pocket to rebuild or repair your home after a disaster, but there’s another, potentially even more threatening, component: civil liability.
If someone comes to your home and slips on a loose floorboard, they may be able to sue you for their injuries under Ohio’s personal injury laws. Thanks to the personal liability protection of your homeowners insurance policy, you’re generally protected in the instance of a lawsuit.
Most Springfield home insurance policies provide some form of personal liability protection for slip-and-fall accidents, accidental deaths, dog bites and similar injury-causing incidents that can occur in your home.
Covered Perils vs. Excluded Perils in Springfield Home Insurance Policies
As you’re browsing home insurance policies, you need to understand covered perils and excluded perils. A “peril” is an insurance industry term for a hazard or event that can result in a claim. And most homeowners insurance policies will list covered and excluded perils somewhere in the contract.
We have covered many of the common included perils above: storms, plumbing problems, electrical issues, fires, vandalism and liability. But what about commonly excluded perils? Most standard homeowners policies will not cover perils such as the following:
Flooding
Earthquakes
Damage from ice and snow accumulation
Mold
Damage from freezing in an unoccupied home
Don’t think you can skip out on these coverages because they seem low risk. Flooding is always a risk in Ohio. Also, our state is no stranger to seismic events that can shake homes to their foundations. And no one has to be reminded of the persistent threat of severe snow and ice.
Typically, you will need to take out a separate policy to cover the perils excluded under your homeowners insurance policy. Some lenders may even require flood insurance for mortgage borrowers. Considering the potential loss from floods, earthquakes and other natural disasters, purchasing this additional insurance may seem like a bargain. Our Springfield home insurance experts can help you find the policy or policies that will keep you fully covered.
Ohio Home Insurance Requirements
Is home insurance required in Ohio? Not by law, but if you have a mortgage, you’re probably required to have a homeowners insurance policy as part of the mortgage terms.
Most banks will require you to insure your house for an amount that is, at a minimum, equal to the amount of the loan they have given you. On top of that, most available homeowners insurance policies want you to insure for an amount that is equal to at least 80% of the cost to replace your home in the event of a catastrophic event.
In other words, you likely have some home insurance minimums to meet, but should you really stop there? What about liability coverage? What about your personal property? There’s plenty more to a home than the physical structure. And our Springfield home insurance team wants to help you insure it fully and affordably.
Protect What Matters with the Best Home Insurance in Springfield
Your home is your life. Protect it to the highest degree you can. There’s no better move to make if you want long-term stability for your family.
We’re here to help. The Wallace & Turner team has been connecting our neighbors with comprehensive home insurance in Springfield, Ohio, and the surrounding area for more than 150 years. During that time, we have built a reputation of excellence, fairness and trust.
Give us a call at (937) 324-8492 or get in touch online today.