Home or Property Insurance

Why Homeowners Insurance Is Extremely Important

In this day in age, homeowner’s insurance is very necessary. At times the weather can be extremely unpredictable and the unthinkable can happen to your property while you are away from home. So, having homeowner’s insurance is definitely a must.

Many individuals may think that homeowner’s insurance is unnecessary because they see it as an unnecessary expense. What they don’t understand is that having home insurance definitely gives you peace of mind and the premiums that one pays is very reasonable.

There is nothing more important than having valuable protection just in case. Most banks will not approve your mortgage loan unless you secure your home with insurance. This also gives your lender a piece of mind and the house is covered from any accidents.

Here are a few things that are covered with a standard policy:

- Structual damage – If you have any damage to the structure of your home, a standard policy will cover it. Damage caused by vandalism, snow storm, fire, lightning, plumbling leaks, theft, frozen pipes, etc.

- Loss of personal belongings – A standard policy will cover the loss of your personal items with no problem. TVs, radios, video games, microwave, computer, furniture, etc. It’s about 50%-75% of your house’s structure home coverage.

- Gives you temporary living expenses – If you home is damaged to the point where you can’t live in it and needs major repairs, you will have to temporarily live somewhere else. The expenses that you incur while living away from your home will be reimbursed by the insurance company.

- You get Personal Liability Coverage – If one of your guests has an accident anywhere on your property, they have grounds to sue you for damages. This coverage will take care of all of your legal fees if such a thing should happen.

There are several types of insurance policies. HO-3 is what is most recommended and accepted by most people looking for home insurance. You also have HO-1, HO-2, HO-4, HO-5, HO-6, and HO-8. Condominium owners normally select 4,5, or 6 and people with older home select 8. HO-1 and HO-2 has very limited coverage.

When completing the paper work for homeowners insurance, please remember to read the fine print carefully. Read the terms and conditions to make sure that you know what applies in the event of a certain claim. Stay current with all of the latest updates.

Home owners should not be the only people getting home insurance. Individuals who live in appartments, duplexs, or anywhere that is rented. This coverage is normally called renter’s insurance and will protect you for damages to you personal stuff.

The reason why you should defitinely be careful is because some policies don’t cover damage created by earthquakes, floods, hurricanes, and the like. Natural disasters can be provided only be specialty insurance shops.

So, it is definitely a must to get homeowners insurance as soon as possible because it gives you peace of mind with valuable protection.