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What Is The Real Score In A Homeowner’s Insurance Policy?

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by Don Raddell
(Naples, Florida, USA)

As a buyer, the homeowner’s insurance policy will be your ace when it comes to your concern of protecting your investment. Thehomeowner’s insurance policy will protect your home against any destruction.

Damages heaped on your home as caused by windstorms, fire, explosions, hail, theft, and vandalism are the primary harms which will be covered by the homeowner’s insurance policy of your choice.

Likewise, whenever your home becomes no longer a valuable place to live in because of the aforementioned causes, then your own homeowner’s insurance policy will take charge of your relocation while repair and reconstruction are done to your home.

In a much simpler term, the homeowner’s insurance policy is the bond which ties both you as the homeowner and the insurance companyyou’re dealing with about a compensation which must be given to you in case any damage is heaped on your home.

Of course, you will provide monthly payment in order to be able to avail of their service.

What is included in the homeowner’s insurance policy coverage?

There are chiefly four main sections of liability which is covered by a homeowner’s insurance policy.

The Home Structure Coverage. 

You will be spending a lot for the purchase of your home. Naturally you will want an assurance that if anything untoward happens to your home, you can expect something to fall back on. Guarding your financial interest and investment is a primary aim of homeowner’s insurance policies.

It should be noted though that only damages caused by fire, storms, hail, explosions, theft, and vandalism are those to be compensated to you by the homeowner’s insurance policy.

However, it is but proper to bear in mind that homeowner’s insurance policies exclude compensations for damages done by floods or earthquakes.

Care for Personal Belongings Coverage.

The items inside your home will also be taken cared of by your homeowner’s insurance policy.

But not everything will of course be shouldered by your homeowner’sinsurance policy as it is also limited in itself. The standard rate of personal belongings to be compensated is between 50-70% of the policy’s value.

For example your home amounts to $100,000, then your homeowner’s insurance policy will likely cover $50,000 up to $70,000 of the possessions inside if ever they are stolen or damaged within the boundaries of the grounds of your policy.

Liability Protection. 

It is important to note that your chosen homeowner’s insurance policymust cover personal liabilities for every member of your household, including your pets.

If any damage has been incurred to your neighbors by your family members or pets, then your homeowner’s insurance policy will cover the damage expenses. The standard amount issued by the homeowner’s policy reaches up to $100,000.

The Compensation for Temporary Displacement.

Any accident which ensues your home and which hinders your family from living in it temporarily will prompt your homeowner’s insurance policy to cover the expenses for your temporary relocation.

Some standard homeowner’s insurance policies cover the basic needs such as food and everyday needs. Yet there are those homeowner’s insurance policies that wonderfully shoulder even the clothing expenses.

These categories must be very well looked into when planning to purchase a homeowner’s insurance policy. Most likely, your trusted agent can explain to you the basic coverage of the homeowner’s insurance policy of your choice.

In all cases, the benefits that you will be enjoying depend on your willingness to settle the monthly fees required by the homeowner’sinsurance policy.

Click here to read more about DIY house insurance tips

Updated: August 28, 2013 — 12:44 pm

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