Tag Archives: Home Insurance

images (1)

Home or Property Insurance: Insuring Your Investment

If you are like most people, your home is one of the biggest investments you’ll ever make. As such, it is likely one of the biggest debts you will ever incur. Most of us do not have the cash on hand to pay for our house outright. This means that we need to do everything we can to keep the home in good repair while we are paying off the debt and even afterward.

images (2)

What Does Home Insurance Cover Provide For?

Most people who either own their own home or rent their own home are going to require or want some level of insurance cover, against both damage to the structure of the building, and against damage to their possessions or contents.

Home insurance, sometimes referred to as homeowners insurance, can provide differing levels of cover, with differing conditions attached to each specific level.

images (3)

Renters Insurance Will Keep Belongings Secure

An HO-4 insurance plan covers renters and their possessions up to policy limits but does not insure homes or their contents. Although affordable, most renters go without the inexpensive coverage, which typically costs between $10 and $20 per month.

An HO-4 insurance policy provides liability coverage as well as insurance for personal belongings, even when away from the rental unit. If a bicycle were stolen while in use away from the home, it would be covered.

images (4)

Comprehensive Protection Is Available With HO-5 Homeowners Insurance

An HO-5 homeowners insurance plan is an open-perils insurance policy that protects against all but excluded perils. The exclusive policy costs more than the popular HO-3 homeowners insurance plans that protect against many cited perils. But the open-perils protection of an HO-5 policy is more exclusive because homes must be newer and meet qualify standards for coverage.

images (5)

Home Insurance – Choosing a Company and Making a Claim

Home insurance combines various personal insurance protections covering a private residence. The policy will normally cover losses occurring to an individual’s home and its contents, loss of personnel possessions, additional living expenses through loss of use of the home and normally includes liability insurance for any accidents at the home, or at the hands of the homeowner on the premises.

images

Homeowners Insurance: The Beginning

Homeowners insurance is a required purchase today, unless you don’t have a mortgage. In fact, it is standard to the point it has become part of the home-buying process. The purpose is to ensure that the mortgage company will be able to recover financially if you have a loss from fire or natural disaster, since your house is their collateral for the loan.