Homeowner
Whether you are a first-time home buyer or a veteran of many mortgage payments, whether you are a condo owner or an apartment dweller, your household is one of some 90 million in the United States. Chances are your home is your single most valuable investment. Homeowners insurance is a package policy that covers both property—structures and personal possessions—and liability.
What is homeowner’s insurance?
Homeowners insurance is a form of personal lines insurance. The typical homeowners policy has two main sections:
- covers the property of the insured and
- provides personal liability coverage to the insured
Basic Protection You Need
Because it is comprehensive, your homeowners insurance policy may include coverage you are not even aware of. If your luggage is stolen from a motel room while you are a thousand miles away from home, for example, you will of course want to notify the police. You will also want to check with your insurance agent about coverage for loss under your homeowners policy. It makes sense to protect this sizable financial investment with a comprehensive homeowners plan that covers:
- Your home.
- Other buildings or structures on your property.
- Your personal belongings – furniture, clothing, appliances, etc.
- Additional living expenses.
- Your personal legal liability.
Special features you can choose for additional security
- Home Replacement Guarantee.
- Replacement Cost on Contents.
- Additional Coverage Form.
Property Insurance may cover two types of property losses:
- Direct losses may be covered when property is lost, stolen, damaged or destroyed.
- Indirect or consequential losses related to direct losses may also be covered.
For instance, if your house burns down leaving you without a place to stay, your homeowners policy provides living expenses as well as reimbursement for damaged property. We are pleased to explain your policy to you in detail, if you wish. More than any other type of coverage, Homeowners Insurance is substantially standardized throughout the United States. The questions and answers in this extremely helpful resource The Consumer’s Guide to Homeowners Insurance are based on the most commonly purchased homeowners insurance policy.
