Homeowners insurance protects the homeowner from financial losses against theft, storms, fire, flood and all other causes explained in your policy. Read your policy carefully to understand your coverages. Reading policy is not enough you should also know about your rights. All states have renter’s insurance and consumer bill of rights to help you in case you file a claim against home insurance company. Your home insurance company should send you bill of rights with policy.
Don’t wait until you have a claim to review your policy and to know your rights. Here are some reasons why you should get a homeowner insurance.
You are recommended to buy a Homeowners Insurance, which covers five or six coverages rather than specific policy for specific coverage. Buying separate policies will cost you much.
Homeowners policy include five coverages.
- Dwelling coverage: This coverage of homeowners policy will pay you in case of damage to your outstanding building like garage or storage sheds and your home.
- Personal property coverage: It will pay when your household items like furniture, television, freeze or clothing are stolen, damaged or destroyed.
- Liability coverage: It protects you in case you are responsible for someone else’s injury or property damage. In such cases homeowners insurance will soon provide you with a minimum of 20,000 USD as coverage. Policyholders can buy an extra premium of $1 million.
- Medical payments coverage: It pays all medical bills if someone gets injured even in the premises of your property. Medical coverage also covers certain injuries such as your dog biting someone in your house. You can get a basic coverage of $500. This can be increased upto$5000 by paying extra charges.
- Loss of use: If your house is damaged due to any reason and you have no where to live, in such condition your living expenses will be paid by the homeowners policy.
Thus you can make your home and your life secure with Homeowners insurance policy.
