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Homeowners Insurance

What Is Homeowners Insurance?

Home insurance policies are ones that ensure your home’s structure and your personal possessions included in it. The coverage will cover most types of destructive events such as fire, theft, and some natural disasters. Most policies will also include coverage for liability. Liability is insurance covering the legal responsibility for property damage or injuries caused to visitors to your home, including by your pets.

How Does This Insurance Work?

Insurance for your home will typically cover the house itself, personal property and belongings, other structures located on your property, and liability. Other coverages may be added to your policy for greater protection. Common policies will cover damages caused by windstorms, lightning strikes, fires, and hail. It should be noted that most policies do not cover floods or earthquakes. Depending on where you live, extra coverages may or may not be available for protection against these types of natural disaster risks.

Who Needs It?

Anyone who owns a home outright or has a mortgage on a home will need to purchase homeowners insurance. Most lenders will require their borrowers to take out a policy before approving their mortgage loan.

What Are The Benefits Of Coverage?

When you own a home, having insurance is a necessity. It can help protect your family and your finances in the event you need to rebuild your home or replace any damaged property caused by a covered policy event. The coverage will offer financial protection, timely recovery, common provisions, and some unique provisions of protection. A good policy will give homeowners peace of mind knowing they will be covered by their insurance provider if their home is severely damaged. In most cases, the replacement costs of a home are much more than the original cost and most homeowners would not be able to bear that financially without the help of insurance coverage.

What Types Of Home Insurance Policies Are There?

There are eight common types of insurance policies to choose from for a home. They include the following:

•HO-1 Basic Insurance
•HO-2 Broad Form
•HO-3 Special Form
•HO-4 Tenant’s Form
•HO-5 Comprehensive Form
•HO6- Condo Form
•HO7- Mobile Home Form
•HO8- Older Home Form

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