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Homeowners Insurance

HOMEOWNERS Insurance Policy – Customer Friendly

Home insurance is of the utmost importance for homeowners. It is a form of financial protection over the property and what is inside.

Who Should Get Home Insurance?

Everyone who owners a home should obtain a homeowner’s insurance policy, regardless of whether there is a mortgage still on the home or not. Many mortgage companies will require a policy to be in place. The payments are usually handled by the mortgage company and calculated into the escrow payment, which is then added to the mortgage payment that a homeowner makes each month.

There are many benefits that exist with a policy. It ensures that if something happens, the homeowner can file a claim. The insurance company will then review the claim, and, if approved, will take care of the repairs or loss.

Forms of Coverage

An average homeowners insurance policy will cover four components:
•Structure of home
•Personal belongings
•Liability protection
•Additional living expenses

These four components focus on providing the homeowner with protection as a result of disasters, accidents, and theft. Whether there is a fire in the home, a burglar, or someone falls and tries to sue the homeowner, there is protection in the form of the insurance policy.

Further, additional living expenses are covered in the event that the home is unlivable for a certain amount of time as a result of damages.

When obtaining a policy, it’s important to look at the full level of coverage. This includes identifying what isn’t covered. There are riders that can be obtained to add additional coverage for certain situations, such as a flood or a hurricane. High-value riders can also be added to ensure that there is sufficient coverage for all of the belongings inside of a home. This is particularly important if there are many pieces of artwork, collectibles, or other items of high value.

By taking the time to learn more about the importance of homeowners insurance, you can have more protection in place on your home.