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home insurance policy covers your house, garage, and other structures on the property, as well as your possessions, against losses caused by fire, theft, storms, etc.
The coverage depends on the type of homeowner's insurance policy you buy and the risks you choose to cover. The highest level of coverage is provided by the all-risk home owner insurance policy.
Some of the risks that can be included in a home owners insurance policy are mentioned here:
- Fire coverage is included in most home insurance policies. It covers a home and its contents against losses caused by fire and lightening. Damage caused by a volcano may also be covered.
- Liability coverage pays for liabilities arising from accidental injuries or property damage caused to third parties.
- Flood coverage is not included in homeowners insurance policies. Losses caused by floods are covered by the federal government under the National Flood Insurance Program.
- Most house insurance policies provide coverage against losses caused by accidental water damage resulting from an event like a burst pipe. You can get separate coverage against losses caused by backed-up sewers.
- Earthquake insurance covers losses caused to a building and its contents. It may not be included in a standard home insurance policy and you may have to pay an extra premium for it.
- Loss of use coverage reimburses expenses incurred by homeowners or renters who have to live elsewhere while their homes are being restored after a disaster.
- Additional living expenses can be reimbursed if an insured person needs shelter when his / her home becomes temporarily uninhabitable due to damage cause by a covered peril.
- Extended replacement cost coverage provides a homeowner with a certain percentage above the limit of the home owner’s policy to replace a damaged home. This is meant to offset the increase in the cost of materials and labor after a major disaster. Guaranteed replacement coverage has no percentage limits.
- The contents of your home may be covered against theft to a certain limit. If you have valuable items like jewelry, antiques, collectibles, and luxury items you may need additional coverage.
Your home may be your most valuable asset, so you need to get adequate homeowner insurance coverage for it. Losses tend to happen when they are not expected and when you are not covered.
Research your options and seek the advice of a few reputable home insurance agents. Compare home insurance quotes from different companies. Check the credentials and reputation of the insurance companies. Find out about what is covered and if any deductibles are applicable.
We can help you to get free, no-obligations home insurance quotes from pre-screened home insurance companies with a few clicks. This is a free offer and there are no obligations involved at all. We will not give your contact information to anyone without your consent.
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