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Homeowners Insurance: how to protect your biggest investment | Payitless.com

Homeowners Insurance: how to protect your biggest investment

Homeowners Insurance
Category: Archive
Tag: #finance #Finance Insurance Home House #home #insurance
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Homeowners insurance is a bundle of coverages (into a single policy) that can protect homeowners from unforeseen damage or loss from events such as weather, theft or vandalism. It provides relief in the form of cash or replacement of the contents of the home and the structure itself. It provides liability coverage against claims from others that may have been harmed on your property. It also provides coverage for the use of the home, as well.

Home insurance
Home insurance

Is Homeowners insurance required by law?

Unlike auto insurance, homeowners insurance is not legally required. However, the home insurance requirement is triggered when you take out a mortgage because the bank requires it. In fact, it’s its legal right to require customers to purchase a policy before allowing them to take out a loan on their home. Not only that. In certain cases, even the condominium may require mandatory home insurance for all tenants, if the bylaws so provide.

What does Homeowners Insurance cost?

The costs of homeowners insurance depend on a number of factors, including the coverages you select, features of your home and the value of your personal belongings. There may also be extra costs for additional coverage or increased coverage limits.

Covered perils

Basic-form covered perils:

  • Fire
  • Lightning
  • Windstorm or hail
  • Explosion
  • Smoke
  • Vandalism
  • Aircraft or vehicle collision
  • Riot or civil commotion
Homeowners Insurance infographic from Allstate
Homeowners Insurance infographic from Allstate

Broad-form covered perils:

  • All basic-form perils
  • Burglary, break-in damage
  • Falling objects (e.g. tree limbs)
  • Weight of ice and snow
  • Freezing of plumbing
  • Accidental water damage
  • Artificially generated electricity

 Special-form excluded perils:

  • Ordinance of law
  • Earthquake
  • Flood
  • Power failure
  • Neglect
  • War
  • Nuclear hazard
  • Intentional acts

What is property insurance?

Property insurance is a broad term for a series of policies that provide property owners with property protection or liability insurance. Property insurance provides financial compensation to the owner or tenant of the building and its contents in case of damage or theft-if the owner or tenant is injured on the property, it provides financial compensation to someone other than the owner or tenant compensate. Property insurance can include many policies, such as homeowner’s insurance, renter’s insurance, flood insurance, and earthquake insurance. Personal property is usually underwritten by the homeowner’s or renter’s policy. The exception is very high-value and expensive personal property-this is usually covered by the purchase of policy add-ons called “additional insurance”. If there is a claim, the property insurance policy will compensate the policyholder for the actual value of the damage or the replacement cost of repairing the problem.
Homeowners Insurance
Homeowners Insurance
Published: 3/10/2020From: Matteo Belfiglio

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