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When considering a mortgage for your South Kingstown, RI home, looking out for home insurance is the last thing on your mind, yet the two are related. While home insurance isn’t mandatory in Rhode Island, your mortgage lender may require you to carry homeowners insurance as long as the loan facility is outstanding.

Are you interested to learn more facts about home insurance? Stick on as Kingston Insurance Agency LLC shares interesting facts about home insurance.

Home insurance doesn’t cover all damages and losses

Homeowners insurance protects you against several perils, but like other insurance plans, it has exclusions, too. Home insurance doesn’t cover damages as a result of:

Floods and earthquakes
Normal wear and tear
Pest and molds

Furthermore, home insurance provides limited protection to high-value items like jewelry, silverware, and cash. Be sure to check with your agent to purchase additional coverage.

Home insurance covers personal assets

Home insurance isn’t all about liability and structure protection. It protects your personal belongings as well. In case of loss or damage to items like clothing, electronics, and furniture, home insurance can save the day.

Market value differs from the cost of rebuilding

In many instances, the cost of rebuilding your home exceeds the home market value. As a result, if your home value is the basis of your home insurance, your home may not be covered fully in case of a total loss. Since market value depends on market realities, it’s subject to fluctuations. Where there is a drop in value, you will have fewer funds to rebuild your home.

Remember to update your home insurance

When you undertake significant renovations and additions to your home, don’t forget to update your home insurance plan. The addition of structures like a swimming pool, garage, or shed must be reflected in your home insurance for optimal coverage.

Do you need home insurance for your South Kingstown, RI home? You can trust Kingston Insurance Agency LLC to protect your beautiful home. Contact us today to speak to one of our agents.

If you rent your store or office in the South Kingstown, RI area, you’re far from alone. Most business owners operate out of a building they lease rather than own, and this makes a lot of sense. Lower startup costs and leaving the landlord responsible for maintenance and repairs means you get to spend more time running and growing your business!

But does leasing the property mean you’re off the hook for commercial insurance? At Kingston Insurance Agency LLC, we’re used to hearing this question. But contrary to popular belief, the benefits of commercial insurance extend far beyond the commercial property itself.

Run a store or another business where customers and guests are frequent? A good commercial insurance policy helps keep you protected should they become injured while inside your business. It’s important to realize that while your landlord likely has their own insurance policy on the building itself, their coverage does not actually apply to your business operations.

Likewise, all of your business property (equipment, stock items, etc.) should be covered under a business owner’s commercial policy tailored just for you. You will also need at least some kind of commercial auto coverage for any company vehicles.

If you have employees, commercial insurance can be crucial when it comes to worker’s compensation. If one of your staff members is injured while on the job (whether on-site or off), you may find yourself having to pay for their medical bills, time off from work, etc.

At the end of the day, having a good commercial insurance policy may be the key to preventing major losses when disaster strikes.

Want to learn more about your commercial insurance options and how you can protect your South Kingstown, RI business? Our team at Kingston Insurance Agency LLC is here to help! Give us a call or send us a message today.