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Homeowners Insurance

Homeowners Insurance

Becoming a homeowner is a big step. It’s also a huge financial responsibility. This is why it’s a good idea to have homeowners insurance. The insurance is the perfect way to protect your home should a mishap occur. You will be reimbursed for the damage or get money to have your items replaced.

Homeowners insurance is “property/casualty” insurance. It covers various things, most importantly structure damage and damage to belongings inside the home. There may also be liability coverage for if someone is hurt on the property.

This insurance is for any homeowner. Also, if there is a mortgage on the home, the insurer will likely require insurance coverage. But even if you own the home, you can carry insurance. If you’re renting then you need renters insurance, which is different from homeowners insurance.

How it Works

When your home is damaged or something occurs with your belongings, then you file a claim. An adjuster evaluates the claim, determines if it is valid, and makes a payment or not.

Types of coverage

The policies are standard, but there are variations. They all cover things such as fire, wind and hail damage, but exclude damage from floods and earthquakes. Other policies may cover or exclude different things, and many policies allow you to add riders to cover things that aren’t covered.

Benefits

The benefit of homeowners insurance is your property is protected. You will get reimbursement following certain events, and get help paying for things in order to recover.






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