Homeowners Insurance Policies
Home Insurance or Home Owners Insurance is an insurance policy that protects an individual’s home. The policy protects you from all kinds of imaginable disasters that could befall on your home!
Who it is for?
A homeowner's policy is required for anyone who owns any type of dwelling such as a condo, a townhome or a single-family home. The policy generally covers the contents of a home, loss of use, and liability for any accidents within the home or its premises. Typically, the premium for a homeowner’s insurance policy includes property damage and liability coverage.
How It Works
The homeowner's policy is a contract between the homeowner and the insurance company. The cost of a homeowner’s insurance depends on the cost of replacing your home in case of a damaging event. The contract excludes certain events such as flooding of the home or its premises. The homeowner pays the premiums for a fixed period such as 6 months or 1 year. In the event of a qualifying event, the insurance company assesses the damage, and replaces the damaged parts or reimburses the homeowner with cash equivalent.
Types of Coverage
A homeowner’s insurance protects against 5 types of damages. Coverage A protects the dwelling. Coverage B protects other types of structures around the residence. Coverage C protects personal property. Coverage D protects loss of use and living expenses. Additional coverage includes repairs, tree damages and identity theft.
The benefits of a home insurance policy are obvious. It gives peace of mind to a homeowner from potential damages to a home. Insurance is also a pre-requisite for lenders to approve new or refinance loans.
You can never predict what could happen to your home. You can face willful destruction, natural calamities, fire damages, earthquakes, act of God, sinkholes, hurricanes, kitchen fire, storm damages and wind damages.
A homeowner's insurance policy is a must for protecting the single most important asset owned by most people. You cannot cut corners with a homeowner’s insurance.
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