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What is home insurance

What is home insurance

Owning a home is a dream come true for many and that is why you should understand what is home insurance, in order to protect you from various home losses. To some, it takes a lifetime of saving or paying mortgage to own a home. It would therefore be a big loss if someone lost the home to fire, water damage, windstorm or riots. Personal belongings in the home may also be stolen, bringing in huge losses especially if they are belongings are expensive. To cushion the homeowner against all these losses, there is home insurance.

There are different types of homes such as mobile homes, rented homes, and old homes. These have their type of policies.
What is home insurance coverage?

Homeowners also have their type of insurance policy called HO-3 policy that is different from other types of homes policies and it covers private residences. Those people who have their own homes take this policy to cover the home and the contents inside against theft and damage from windstorm, fire, hail, riots, water, explosion and other losses. It also covers personal liability in case your guests or somebody is injured while on the property. Coverage also takes place for family members and pets when they hurt others or even their property while in your home and away. This means that if someone is injured when being in your property or your family members and pets injure someone or destroy their property even when not at the home, the house insurance company will cover it and pay the liability. You do not have to worry about paying the medical bills of the person injured or on replacing the items damaged. Other structures on the property such as a tool shed, gazebo or a detached garage are also covered. In case an insured disaster takes place and your home cannot be lived in, you should be given living expenses by the insurer. With one premium, the home insurance covers damage to the property, loss of personal possessions, personal liability and living expenses due to inability to use the home.

What is not covered?

In as much as the policy is good in cushioning the homeowner against hefty losses, there are some damage it does not cover, such as damaged caused by earthquakes and floods. If you would like these covered, you would have to buy separate policies. You will also not be covered if the damage is caused by poor maintenance or the normal wear and tear of the home. Taking home insurance is beneficial because it is meat to return the insured to the state before the loss. Whatever type is your dwellings, there is an insurance policy suitable. For the case of private homeowners, the insurance covers the property as well as personal possessions in case of loss. The amount of coverage depends on the premiums paid by the insured.

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