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Homeowners Insurance

Homeowners Insurance Policies

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A home purchase for most folks is the biggest investment they will ever make; therefore, it makes perfect sense to protect it by obtaining good homeowner’s Insurance in order to not just safeguard your American Dream but also your bank account too. Damage and various forms of loss can happen to your home any time and from a myriad of sources, so carrying proper levels of coverage can serve a homeowner greatly. The following is a quick primer of homeowners’ insurance coverage.

What does it do?

This kind of insurance is designed to protect and safeguard your home from the financial consequences of damage and destruction. This is made possible by the insurer promise to pay for some or all of the costs needed for repairs or replacement. If your dwelling or property has damage inflicted upon it, the insurance provider will compensate you for the damages after a claim is put in, investigated and verified.

Who benefits?

Home insurance can be bought by those who own and live in single family homes. There is also specialized coverage made available to landlords who own multi-family structures. Insurance coverage can also be obtained by people who live in and own mobile homes. And, to be sure, renters are not left out as they too have their own specialized coverage. This coverage can also provide liability protection, which protects you from those who visit your property and are injured while on the premise.

How it functions

This kind of insurance is usually bought as a package. In such a package is coverage for damage to the home by such things as storm damage, fires, lightning, theft, vandalism, damage from water resulting from a leaking pipe and so much more. When a covered incident happens, the insurance provider will compensate you with money for damages that were the result of said incident. Keep in mind that only losses that are specifically outlined in the policy details are covered.

There are two methods for determining repayment for damages: One is the actual cost less depreciation while the other is actual replacement value, which provides the homeowner full cost for the replacement of his or her items. This, of course, is the costlier option. When purchasing this kind of insurance, the policyholder must make the above choice when buying the policy.

Types of coverage

Homeowners insurance is obtained as a package deal and is provided in classifications HO-1 through HO-8. Each of these classifications provide different levels of coverage and numbers of events to be covered. An exception is the category of HO-5, which only enumerates the events not covered, like nuclear


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