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Home Insurance Explained
One important feature of a typical homeowners' insurance policy is that the insurance company will take responsibility for cost associated with any of the following.
Damage/ destruction caused to the
interior or exterior of the home
The insurance policy generally provides coverage for certain types of damages to your home, such as fire, hurricanes, lightning, vandalism or other disasters that are duly insured. The insurance company will reimburse you for the repairs and in some cases a total reconstruction of your home. Meanwhile, damages that resulted from occurrences like earthquakes floods, and perhaps poor maintenance of the home are not usually covered by the insurance policy. Thus, you may need a separate policy if you need such coverage
Loss or damage to your personal belongings
Generally, your personal belongings such as furniture, clothes, household appliances and many other belongings are covered if such items are destroyed in an incident for which the appropriate insurance policy has been taken. Likewise, “off-premise” protection is also available which will allow you to ask for compensation for some items, for instance you can ask for compensation for a missing or lost jewelry irrespective of where you lost the jewelry in the world, though your insurance will compensate you only to a certain limit. Even if your precious mink coat and expensive Rolex got damage right in your house, the coverage that will be provided has a limitation too, except if you sign up for a “Floater” policy that gets such items covered for their full evaluated worth.As stated by the Institute of Insurance Information, the majority of the insurance firms will give coverage of 50% - 70% insurance of the value for which your home is insured. For instance, if your home is covered for $100,000, the limit of coverage that will be provided for your belongings would be $60,000.
Personal liability for damage or injuries caused by you or your family
This provision is not restricted to just people, even your pets are included! Hence if your neighbor Doris is bitten by frisky Fido, irrespective of where the bite occurs, her medical bills will be taken care of by your insurer. Likewise, if her oriental vase got broken by Junior, you insurance will still take care of it. You might ask for claims to compensate her.Also, if Doris mistakenly steps on the pieces of the broken vase and falls, and thereafter sues you, nto worry - the coverage takes care of that as well, much the same as if an individual had gotten injured within your home. Though the policies usually begin from $100,000 coverage, it is recommended by the experts that you sign up for a coverage worth of $300,000 minimum as stated by the institute of insurance. For additional coverage, a few extra hundreds of dollars premium might get you an additional $1 million or more.
Hotel or house rental while your home is being rebuilt or repaired
The probability of you needing this insurance is very rare, but if you ever find yourself under such circumstances, it will certainly be the best insurance policy you ever sign up for. If your home has been totally destroyed or in a dilapidated state. , you might need to lease another house or possibly stay in a hotel till you get the house rebuilt or repaired.. This type of homeowner’s insurance would compensate for the hotel expense, rental cost, meals and other miscellaneous expenses since your home is not habitable.