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Homeowners Insurance

Purchasing a house is an investment. As an investment, you should take efforts to protect it. In fact, when you purchase a home, there are many mortgage companies and lenders that will not provide you with a loan until you hold a homeowners insurance policy.

Why You Need Homeowners Insurance

Homeowners insurance protects you in the instance of a problem with your home. This includes a catastrophic event where your home is totally lost, or a smaller event that leaves you needing some sort of repair. When you begin searching for a policy, you need to find one that meets your needs. For example, an expansive country estate will need different coverage than a cozy townhouse.

How Homeowners Insurance Protects You

A homeowner’s insurance policy will protect you in the instance of an accident, theft, fire, etc. These are the kinds of problems that would be devastating if you do not have the protection of homeowners insurance. This policy will cover any damage to not only your home, but also your personal property due to a wide array of causes, which are referred to as perils in you policy. Additionally, the policy will carry a personal liability clause, which offers protection if someone is visiting your home and gets hurt. While each policy will be different and custom made to your specifications and needs, some of the general protection you can expect includes:

  • Comprehensive coverage for any damage to your home or other permanent structure that resides on your property, unless the specific damage is excluded in your policy;
  • Personal property damages that are specified in your policy;
  • A limited amount of coverage, usually ranging from $500 to $2,000 for any items that are stolen from your home. This will usually exclude jewelry and you will need to purchase a homeowners policy endorsement to cover any prized collection that you own;
  • Any personal liability claims that arise from someone becoming injured on your property;
  • Covering any costs that are incurred for you to find residence elsewhere while your primary home is uninhabitable due to a catastrophic event, such as a fire.

Exclusions

One of the most common exclusions in homeowners insurance is in the event of a flood. If you live in an area that is prone to flooding, you should read your policy carefully to determine if this is covered or excluded. If it is excluded, you should purchase a separate flood policy, as many homeowners have learned the harsh reality of not taking this step. Other Considerations When you purchase a homeowners insurance policy there are other considerations you need to make. This includes the size of the policy, as there are ones that offer the bare minimum, to full coverage, as well as any additions that you would like to add. This includes any additional coverage. Remember each item you add to your policy will increase the premium that you must pay on a monthly basis. Purchasing homeowners insurance is not only the responsible thing that you should do to protect your investment, but it is also required by many lending agencies. Consider all of your options carefully and select a policy that will meet your specific needs.

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