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Homeowners Insurance

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HOMEOWNERS Insurance Policy - Customer Friendly

Insuring your home helps protect your wallet and your largest investment at the same time. Because damage to your home could come from a wide variety of sources, keeping it insured makes a lot of sense. Here is a brief look at what you should know about homeowners insurance.


What it is

Insurance for your home means that your home is covered in the event of damage or destruction, and the insurer pays out the cost of repair or replacement. If your house or property suffers damage, the insurance company will pay for the damage – or at least part of it.


Who it is for

Home insurance can be purchased by owners of single family homes, or by landlords of multi-family houses. Insurance is also available for people with mobile homes and for renters. It will also provide liability insurance, which covers people visiting your property who get hurt while there. Equipment for a business will need to be covered by a supplemental policy.


How it works

This type of insurance is purchased as a package. It covers damage to the home by types, such as damage from wind, fire, lightning, theft, vandalism, water damage, and more. When a named coverage occurs, the insurer will pay out money for damages caused by that event. Only the events that are specifically named are covered.

Repayment for damage is given on one of two bases: the actual cost minus depreciation, and replacement value, which gives the homeowner replacement items, and it is the most expensive option. When buying this type of insurance, the buyer makes the choice at the time of purchase.


Different types of coverage in existence

Homeowners insurance is purchased as a package, and it is offered as HO-1 through HO-8. Each level provides coverage for a number of events covered, with the exception of HO-5, which only lists the events not covered, such as a nuclear hazard, war, government action, etc. Generally, flood, hurricane and earthquake insurance will need to be purchased separately if you live in an area affected by those events.


Major benefits

The primary benefit of home insurance is that if the home should be destroyed by a covered event, such as a fire or tornado, etc., the homeowner can expect to get some of the loss – or all of it – repaid. Contents of the home can also be covered. This enables homeowners to not have to endure a total loss and have to foot the bill for a totally new house.

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