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An Insight Into Homeowner's Insurance

Nov 30, 2007
A homeowner's insurance policy could stand all of us in good stead in this era. Given the current unpredictable weather conditions and the chance of hazards while you are away from home on personal or official work, having homeowner's insurance can be a great thing.

Many people choose to avoid availing of homeowner's insurance. This is because they consider it as more of an unnecessary expense. However, one should not be looking at it in this way. After all, the amount that you pay every month as home insurance premium is a very reasonable one.

In return you get valuable protection. Those who secure a home mortgage generally have to secure a homeowner's insurance as part of the mortgage process. The lender generally requires this. Such a policy generally offers the minimum necessary coverage.

COVERAGE PROVIDED BY HOMEOWNER'S INSURANCE
Here is a list of some of the aspects covered by a standard policy:

- Coverage for losses due to damages to your home's structure -- Any damage to the basic structure of the home shall be taken care of by the home insurance policy. This includes damages caused by lightning, fire, hailstorm, snow storm, theft, vandalism, and leaks from the plumbing, as well as frozen plumbing.

- Coverage for losses on personal belongings -- Home insurance will provide coverage for the loss of personal belongings. Televisions, washing machines, sofa sets, and furnishings would fall under this category. This coverage usually ranges from 50% to 75% of your home's structure coverage.

- Provides for temporary living expenses -- In the event that your home is damaged and is getting repaired, you might need to temporarily live elsewhere. The temporary accommodation expenses that you incur would be taken care of by the home insurance policy that you have in place.

- Provides for Personal Liability Coverage - If someone who visited you happened to have an accident in your home, where you were an inadvertent cause, he may sue you for damages. Home insurance would help you to make payments arising out of lawsuits.

HOME INSURANCE POLICY TYPES
Home insurance policy types are denoted as HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8. HO-3 is the one most opted for. It offer comprehensive coverage and is closely followed by HO-4. HO-5, HO-6, are for condominium owners and HO-8 is for older homes. HO-1, HO-2 offers limited coverage.

SUMMARY
But make sure you read the fine print if you are signing up for a policy. Check how all the terms and conditions would apply in the event of a claim? After you take up a homeowner's insurance policy, check up on the coverage offered by the insurance company. Check out the most recent developments in this area. Based on this, insurance companies would either add something new or make modifications on the coverage that they offer.

Home insurance is not something that is only applicable to homeowners. Those who are living in rented homes have a similar policy available to them -- renter's insurance. This form of home insurance offers coverage for damages to personal belongings.

One thing to note about the different home insurance policy types is that most of them do not provide coverage for damages caused by hurricanes, floods and earthquakes. You would have to specifically apply for this with companies that specialize in such insurance policies.
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