Homeowners Insurance

What is Homeowners Insurance?

An insurance policy for homeowners provides peace of mind against natural disasters or man-made incidents. Fire, strong winds, mudslides and hail are some weather-related events that can damage a home. Similarly, accidents such as burst plumbing pipes and gas line explosions are some common threats to a home that can be covered with an insurance plan.

Who it is For

Anyone who owns the title to a residential property can purchase homeowners insurance. The policy may be underwritten for an individual or multiple people such as a married couple or siblings. Even if a home is leased to tenants, it can still be protected by this type of insurance plan regardless of the whereabouts of the actual owners.

How it Works

After an insured home is damaged, an insurance agency sends a professional inspector to conduct an accurate appraisal for the amount that should be paid to the owners. If a claim is filed due to vandalism or burglary, a police report may have to be used to carry out the investigation. By balancing out the monthly premium with a deductible that’s due at the time of claim, homeowners can select the right type of protection for their precious real estate.

Different Types of Coverage in Existence

Home insurance covers physical damage to fixed structures such as roofs, walls, foundations and floors. Personal property such as appliances and furniture pieces are also included in this sort of insurance plan. Detached structures like garages and sheds may be covered under a separate package that isn’t part of dwelling protection. Liability coverage gives homeowners immunity against lawsuits that involve guests who claim to have been injured on the insured premises. Medical expenses and other damages that can be measured in monetary terms are included in a liability clause.

Major Benefits

Home insurance provides enough money to rebuild a property that has been completely burned down. Any form of damage due to severe weather can be repaired with compensation from the insurance company. If valuables get stolen from a home, they can be replaced after a claim is filed.