Do You Know Homeowner"s Insurance?

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Homeowner's insurance is a type of real estate insurance that protects homeowners from damages to their property due to fire and other events.
Most policies also typically cover loss or damage to personal property within the home due to theft or vandalism.
The specific risks covered by insurance depend on the type of policy the homeowner purchases.
The cost of the policy is based on the market value of the home and personal property.
Most mortgage loan companies require that homeowners purchase insurance so that they will be able to recover value from the home in the event of damages.
The people living in the house are required to be listed on the insurance policy.
Other people with interest in the property like the mortgage broker or loan holder should be listed as well.
Homeowners insurance policies are usually based on a fixed period of time.
During the time that the policy is in effect, the insured parties pay the insurers a monthly amount called a premium.
As long as premiums are paid and claims are made in a timely manner, the insurer will reimburse the insured for repairs of damages or stolen property.
In order to be paid by the insurance company, the homeowner must make a claim.
To make a claim, the homeowner must call their insurance companies claim hotline and fill out a claim form and give it to their insurance agent.
If the company approves the claim, then the homeowner is paid to repair damage or replace stolen property.
Homeowners are encouraged to take photos of damage, accurately inventory their personal belongings, and to ensure that their insurance claim is approved.
Homeowners can also hire independent insurance claims adjusters to have a second opinion on the cost of repairing their home.
When shopping around for property insurance, homeowners should be aware of what kinds of damages are and are not covered by the insurance policy.
Most homeowner's insurance will cover damages to the home due to theft, vandalism, and some kinds of natural disasters like fire, lightning, hail, and wind.
If the home is damaged by these events, the insurer will reimburse the home owner for repairs.
Homeowners should keep in mind that flood damage is rarely covered by basic homeowner's policies, and individuals need to buy additional flood insurance.
Termite damage is rarely covered, and may also have to be added to a basic policy.
Most homeowners policies do not cover damages to the land or other buildings on the property, but only to the home.
Renters should also consider getting insurance to cover their personal property in the event of damage or theft.
If a tenant's property is stolen or damaged, the insurance company will pay for replacing the property.
When purchasing renter's insurance, tenants should accurately assess the value of their property and make sure to mention and specific valuable items.
While renters insurance does not cover damage to the property, it is a good policy for tenants to have.
There are even policies available for owners of condominiums.
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