Best Homeowners Insurance 2017
There are a lot of options when it comes to homeowners insurance. We ll help you find the one that s right for you.
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Homeowners insurance is meant to protect your home from damages to the house itself, or to possessions within. It also provides liability coverage if someone other than the property owner or renter is injured while on the premises. Homeowners policies protect dwellings against what are typically referred to in the industry as perils. Some commonly covered perils include theft, lightning, windstorms, etc. Perils generally not covered include acts of war and so-called acts of God, such as earthquakes, floods, or mudslides. However, supplemental policies for some of these may be purchased separately.
Anyone living in a home should have some form of homeowners insurance. However, it is only technically required by the bank when you are still paying off your mortgage. Those who own their home outright do not need to purchase homeowners insurance. In the U.S., standard homeowners insurance policies are named HO1-HO8, which typically cover most scenarios in which damage may occur. Some homeowners insurance is designed specifically for renters, (HO-4) this generally only covers possessions inside the home, and isolated events that aren t included in the property owner s insurance.
The most important thing to consider when purchasing a policy is how comprehensive you need the coverage to be. Most homeowners insurance policies offer coverage for the main dwelling, additional structures on the property (garages, storage sheds, fences, etc), personal property, and loss of use. Loss of use coverage pays any living expenses over and above your regular ones if you are forced to leave while repairs are being made, or are denied access by a government order. Additional property coverage may provide for fire-department service charges, debris removal, property removal, theft or illegal use of credit cards, and building collapses.
It is also important to remember that your coverage necessities will change with time. Therefore we recommend you assess the value of your possessions on a yearly basis to see if your current coverage is appropriate. Major purchases like appliances can easily change the amount of coverage that you need. Conversely, certain items of value could markedly depreciate over the years leaving you paying more than you need to. It is also important to remember that many high value items like jewelry and works of art may have limited coverage under basic homeowners insurance. These items require additional cost floaters that cover them specifically.