Home Owners

HOMEOWNERS INSURANCE

Home insurance, or homeowners insurance, is an insurance policy that combines insurance on the home, its contents, and, often, the other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.

TYPES OF COVERAGE?

The property damage portion of a homeowner’s policy covers loss or damage to the home and other structures on the property. In the event of a total loss, the amount paid depends upon the dwelling policy limit of the insurance contract as well as the type of coverage provided under the contract.
On some policies, other structures (such as detached garages, tool sheds, fences, guesthouses, and gazebos) are typically covered at the rate of 10% of the limit set for the dwelling itself. For example, an insurance contract that provides $100,000 coverage for a dwelling typically will provide up to $10,000 coverage for other structures. Trees, shrubbery and other landscape are typically covered for 5% of the dwelling limit.

WHY BUY HOMEOWNERS INSURANCE?

1. as one of — if not the — most important assets that a person has, you need to protect your home from damage and destruction
2. mortgage lenders require homeowners to carry insurance to protect the lender’s investment from damage or loss