Have a home then why not think of a home owners insurance policy? I don't think this term is much common among us isn't it? Well then lets learn what its about. The homeowners insurance policy covers fire, theft or vandalism. but the natural disasters like like the earthquake or floods or tsunami may not be included in it. Take sure to tell your insurance advisor to make these concepts clear before taking one. See apart from the basic policy if you need a cover for the natural disasters then you must opt for the additional coverage. The insurance field has grown immensely after people opting for various policies for their home and health. The most important risk associated with your house is the theft which is increasing these days.
The changes in the value of your home and personal possessions also has a impact on the homeowners policy. You should review your policy annually to ensure that it covers the current estimated cost to rebuild the home. as every year you will buy new things and have several changes done in your home, an that has also to be covered in the insurance policy.
Lets know more about the homeowners policy. A standard policy includes these essentials types that cover your home. The cover includes your personal belongings, the structure of the home, liability and other living expenses when you are not able to live in your home due to a insured disaster.
Lets take the first case ie your Personal belongings - Under this cover comes the furniture, clothes, electronic equipments which are insured for if they are stolen, destroyed by fire or any other disaster which has been included in the list. Most of the insurers give you around 50 to 75 percent. There is also the off premises coverage where you can insure your belongings where ever it is located in the world. This is possible if you have taken the off premises coverage. The costly items like jewellery, silver etc are also covered. The trees and plants around your home is also covered under the standard homeowners insurance policy.
Structure of the home - the insurer pays for the repair, or the building of your home if it was destroyed in a fire, lightning, or any other disaster that has been mentioned in the policy terms. The standard home owners policy covers the other structures too like a outhouse or a garage, shed etc. They are included at a extra cost of some 10 percent or so.
Liability - It insurers the law cases for any fight resulting in the injury of the other person, or their property damage which was caused by your family members. it helps the damage even your doggie does but if anything is broken then it is not covered. If you want a bigger cover for your liability then you may take a umbrella cover which will include more ranges and also it will increase your limits of liability. In your policy no fault medical coverage is included. in this cover if your neighbor or friend is injured in your house then he can raise the medical bill to your insurance company. So there is no suit against you and he gets reimbursed too.
Other Living expenses.- as said before they include the costs that your family incurs when you live away from your home in the case of a fire or a storm or a disaster mentioned in the insurance policy. The hotel bills, restaurant food and the other expenses are covered until the house is repaired or built.
Homeowners insurance Policies Do Not Cover:
Damage by insects, rats and mice
Freezing pipes while your house is unoccupied (unless you turned off the water or heated the building)
Losses if your house is vacant for 60 days or more
Wind or hail damage to trees and shrubs
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