How to choose the right homeowner's insurance to fit your needs

Whether you own a family home in the suburbs or a vacation home on the shore no one ever wants to see that home damaged. But losses happen to cherished homes all the time – from weather, accidents, fires, and more.

In fact, according to insurance claim data from Chubb, a premium personal lines insurer, the number one source of property damage to homes is water from non-weather-related events. That means leaking pipes, broken appliances like washers or dishwashers, and backed-up sewers and drains are some of the most frequent claims they see in which homes are damaged and in need of repair or restoration.

Regardless of how your home is damaged, however, the terms and conditions of your homeowner's insurance can impact your plans for restoring the home to pre-loss condition.

Not all insurance is alike.

While standard insurance may be suitable for some, successful individuals and families with high value homes and other assets, may need higher limits and tailored coverage not available through all insurers. Premium homeowner's insurers will often provide coverage for the little details of a home that standard insurers might not.

If you own an older home, you may need premium insurance even more, as older homes often have unique details and surfaces that are difficult to find and install or may need to be upgraded due to modern building codes. With those additional challenges, premium insurance can be even more important, as it may pay for those upgrades, specialized craftspeople, or materials, while many insurance policies will not.

Sometimes, it's not even about the money, but about the time and flexibility that a premium insurance policy provides. For example, what happens if your home is damaged to such an extent that you can't live there while it's being repaired? Where do you go? With a premium insurer, you could be set up in a rental home or hotel in your same neighborhood with no stated limit, so that you can go about your daily life as normal, and your kids can easily take the bus to their regular school.

The far-reaching effects of insurance.

While it's important to get your home repaired quickly and effectively so that you can go back to your life as if nothing happened, the right insurance will reach far beyond your immediate needs. Think longer term. If your home isn't repaired correctly, you may have additional problems later on. Or you may want to sell your home eventually. If it's not repaired to its original specifications, the quality and scope of the repair work may become an issue with the buyer and could complicate the closing or sale price.

Your home is more than bricks and mortar, siding and a roof. It's full of memories that you've built over time. So if you experience a claim, you'll want to lean on an insurance company that will help you get your life back, and help you rebuild your home without hassles, headaches, or delay. That's where a premium policy comes in.

Visit Chubb.com to learn more and find an independent agent near you.