Buying a home is a huge step to take. B... [read more]
If you are considering purchasing a home or are a current home owner, you will definitely want to consider getting a home insurance policy. Unlike other types of insurance, such as auto insurance or renters insurance, home insurance policies are considered package policies, meaning that they cover physical damage to your home and any injuries to others caused by your property and your family.
While home insurance policies cover most damage to your property, there are some exceptions, such as earthquakes, floods and maintenance. Homeowners have the opportunity to purchase separate policies for earthquakes and floods, but maintenance-related issues are usually the home owner's responsibility.
It is true that condos are different in many aspects when compare to houses, however a condo is still an investment that needs to be protected. That is why, many insurance companies offer condominium insurance . The association’s insurance will only cover the damage to the common space and the building itself. Any damage that may occur in a condo such as fire, water, break-in’s, or personal injury, the condo owner will be liable for.The Standard Home Insurance Policy
Most insurance companies offer a standard home insurance policy that is designed to cover the four essential home insurance coverages. The four essential areas considered by home insurance companies are:
- Home Structure - Structure coverage for your home covers damages caused by major natural disasters, such as hurricanes, lightning and hail. Unfortunately, home structure coverage will not cover earthquakes and floods and a separate policy will need to be purchased when necessary.
- Personal Belongings - This area of your home insurance policy covers all your personal belongings that are kept within your home if they are damaged or stolen - even if they are in another country while vacationing. Depending on the insurance company you choose, personal belongings will be covered to a monetary value of 50%-70% of the structure coverage. (i.e. $50,000 on a $100,000 policy)
- Liability Protection - Liability protection offers coverage to the home owner if an outside party is injured by the property or a person living under the roof and covered by the policy. The liability protection will also pay for damages caused by your pets to another person's property. It is important to note, however, that the liability coverage does not cover damages to your own property by your family members.
- Living Expenses - Standard home insurance policies also offer coverage for the insured persons if they are unable to live in their dwelling after a covered event. Living expenses coverage provides reimbursement for hotel, restaurant and other living expenses and will usually provide up to 20% of your home's coverage.
Finding the best home insurance policy is one of the most important things a home owner can do. InsuranceQuote.com offers our customers the ability to shop top-rated insurance companies for home, life, health and auto insurance, allowing them to make the best choice for their budget. Anytime you need insurance coverage, visit InsuranceQuote.com.