Your home is the nest of your family. It is also normally one of your most important investments, so be sure to protect it with a homeowners insurance policy.
Home Owner Insurance helps minimize repairs, replacement costs and living expenses if something happens to your house, apartment or townhome. This policy is design to protect you from financial loss after a covered incident.
The home owner policy could provide broad coverage for damage to your house and is typically used to safeguard home’s structure, other structures like garage or pools, personal belongings and personal liability.
Homeowners insurance is a package policy. It means that the policy covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
Homeowners insurance can help repair your house if damaged by hurricanes, lightning, tornadoes, hail, vandalism, vehicles, or fire. It can also help pay to relocate you during repairs.
Home owners insurance is usually required by all the finance companies. All mortgage lenders usually require home owners insurance as part of the mortgage terms. When insuring your home, consider what it would cost to replace or rebuild the house. The price you paid for your home is not necessarily what it will cost to rebuild it. For example, the cost of your home may have included the value of the land.
The standard policy is divided in several parts:
Coverage A: Dwelling
Coverage B: Other Structures
Coverage C: Personal Property
Coverage D: Loss of Use/Additional Living Expenses
Coverage E: Personal Liability
Coverage F: Medical Payments to Others
Additional Coverages and Exclusions.