Home Insurance
Homeowner's insurance, also called property insurance, protects you from damages to your
Dwelling:
A dwelling is the structure you live in. For coverage purposes, dwelling also includes any attached garages or units. A basic homeowner's insurance policy may also cover damage to detached
structures on your property such as a shed or swimming pool.
Personal property:
Personal property includes furnishings and other belongings that you use, wear or collect. A basic policy insures these items from theft or peril-related damages. However, jewelry and other collectibles often require separate coverage.
Liability:
Liability coverage pays for accidents that occur on your property for which you are held responsible. Liability includes a neighbor being hurt on your property or someone tripping on your child's bike left on the sidewalk.
Like any other type of insurance, you pay a premium to buy a homeowner's insurance policy. An insurance company bases your premiums on:
Claims in your area. An insurance company will look at the history of claims in your neighborhood to estimate a premium. .
Your claims history:
If you are renewing a homeowner's insurance policy and have made several claims, you should expect to pay a higher premium. In extreme cases, insurance companies may decide against renewing a policy.
Deductible:
A deductible is the amount you pay before the insurer begins to pay your claim. By paying a higher deductible, you're sharing the insurer's risk of paying a claim on your home. As a result, the insurer is likely to offer a lower premium.
Safety measures:
Installing fire detection, sprinkler and theft-deterrent systems can help you to lower your premiums. You can also take steps to reduce the possibility of an accident occurring on your property.
What is homeowners insurance?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Imsurance
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