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Home Insurance 101
By
As the saying goes, “Be it ever so humble, there’s no place like home.” It is true that our homes are havens where we can be ourselves. They provide shelter from literal storms as well as figurative ones. Our homes provide comfort from a long day in the office and they are also a testament to our hard work and are, for the majority of us, the largest investments of our lives.
It goes without saying that our homes are important and valuable to us both emotionally and financially. Therefore, it is important that home coverage is understood, and policy owners know what their policies cover and what they do not.
What is Home Insurance?
Home is a purchased service that protects your home from unforeseen catastrophes. These catastrophes could be fire, accidents on your property, theft and other possible acts of nature.
By paying a premium for home insurance, to a reputable company, your home and its contents are protected from loss by this insurance. In the event that damage or theft occurs, your company will pay for those damages up to a certain amount. That certain amount is determined by the terms of your policy. The worth of your policy is a decision made by you, the policyholder, based on the estimated value of your home and its contents.
What Home Insurance Covers?
There are many factors incorporated into your home policy. One of these factors is what your policy covers. The basic home policy covers the main dwelling and, generally, attached structures to the main dwelling, such as a garage that adjoins the home. However, it is important
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to note, that automobiles housed in the garages are not covered by home insurance.
Other provisions of your home policy would cover expenses due to being displaced. These expenses could include temporary lodging while your home is being repaired. Also, home will cover the contents of your home, which can include items such as televisions, furniture, stereos, etc. Any loss incurred would be replaced through a monetary payout by your company. Again, it is important that your policy reflects the appropriate value placed on your home and its contents.
Additionally, home policies provide protection in the event that an accident occurs on or off your property. This provision will protect your property from litigation as well as providing for any possible medical care payments.
What Home Insurance Doesn’t Cover?
It is also important to understand what property structures are not covered by home policies. These structures include storage sheds, fences, and barns and other structures that are not attached to your home.
In addition, there are certain events that are not covered by a standard policy. These damaging events include acts of war or terror, damage by pets, environmental incidences such as damage by pollution, pest damage, self-imposed damage and everyday deterioration.
Other destructive acts that are not normally included in home policies are earthquake and flooding coverage. Your policy may allow for a special provision to cover earthquakes and flood needs to be purchased from the federal National Flood Insurance Program.
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