Home insurance 101.

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About Home insurance.

Home insurance provides protection for your private home and compensates you in case of a loss or damage. If your home is burglarized or is partially or totally destroyed by a cause that is covered by your policy, homeowners insurance will help you replace your belongings, repair your home, or even rebuild.

The amount of coverage varies. An agent in an insurance company can help you figure out the amount of coverage that is the best for your home.

What Does Home Insurance Cover?

Homeowners insurance provides coverage for a wide range of events that you are at risk to face as a homeowner. These include:

Property damage
E.g. damage and destruction to your residence caused by extreme weather conditions
Common covered circumstances can include hurricanes and vandalism, but some hazards (earthquakes, floods) can be excluded from your policy so make sure to review your homeowner’s policy carefully.

Personal property loss
E.g. damage or theft of personal property
If your personal property is very valuable (such as collectibles or antiques) you’ll most likely need additional “riders”.

Personal liability
Liability coverage compensates you for any lawsuits filed by others.

Added living costs
E.g, hotel room, meals
If your house is uninhabitable (during the renovation process, for instance), your insurance can pay for alternative living arrangements.

Three basic levels of coverage
Actual cash value = the cost of your house + the value of your belongings - depreciation (i.e., how much the items are currently worth, it is different from what you paid for them).
Replacement value policies = the actual cash value of your home and possessions (without the deduction for depreciation). This allows you to repair or rebuild your home up to the original value.

Guaranteed (or extended) replacement cost/value policy pays for whatever it costs to repair or rebuild your home—even if it's more than your policy limit.

Where Can I Get Homeowners Insurance?

When you start your search for homeowner’s insurance, it’s important to figure out what your needs are to determine an adequate amount of coverage. It might be tempting to make a decision based on price alone, but it’s always a good idea to get a range of quotes and explore all your options. That’s why we have a list of insurance companies to help you see your options.



Rules of right procedure after storm property damage.
 
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