Homeowners Insurance

You need homeowners insurance to cover the home and your belongings when there is damage. The insurance will cover damage and expenses of living somewhere else while your home is being repaired. If you incur liability claims or hospital bills it can cover those things. If other people are hurt as a result of the damage, they can be covered as well. It is important to choose enough coverage that will cover all damage to the home, your possessions inside, and damage to other people and your family. It is also important if someone who was injured tries to sue you. Some policies may also include pets. The best advice is to get coverage for 100% of the home’s value. The home’s worth should include replacement of the home and everything inside.

The first type of coverage for homeowners insurance is coverage for the home’s structure. This also includes the garage, sheds, barns, and any other structure that is not attached to the home.

The individual property damage is the second type of coverage that covers your personal possessions. It is good to keep a record of all items along with the serial numbers in a safe place.

The third type of coverage is a personal liability coverage where legal expenses and medical bills are paid. This is if you are found liable for damage or injuries to to other people.

The last type of coverage is for temporary living expenses while your home is being repaired. This includes living expenses, meals, car storage, and even a place to keep your pet.

For homeowners coverage there are many commonly used standard polices. The first is the broad coverage, which is for protection of your home, detached structures, and personal property caused by damage. The second type is broad coverage, which includes the basic coverage but contains more specific damages. The third is special form, which protects your home from all damages except the excluded ones. The fourth type of standard policy is the renter’s policy that protects household content, living expenses, medical payments, and liability expenses. The fifth is condo coverage and the sixth is an older home policy.

When doing your homeowners application, be prepared for all types of questions. They will include things like your social security number, work history, criminal history, previous addresses, and many more. But most of all, ask yourself what would you do if you lost your home and did not have homeowners insurance.