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Homeowners Insurance

A sudden windstorm sends branches and trees through your house. The hot water heater whose valve gets stuck and explodes, rockets it right out of your house. The snow that weighs heavier the further into winter we get, breaks down your roof, sending coldness into your home. Any of these scenarios sound familiar or possible?

Aas odd as they are, such circumstances are indeed real and can cause expensive damage to your home, not to mention harm your family and friends. That’s why there is homeowners insurance. Accidents may happen and homeowners insurance pays out as specified in the policy documents for covered damages and injuries. It is a type of policy that the homeowner purchases to cover against such events. Do note that maintaining property, such as the water heater, cleaning snow off a roof, are often required by a home insurance or condo insurance policy.

One side of coverage is property damage. The other side is liability insurance. For example, if you have a clumsy friend who visits and breaks a leg on the stairs, liability insurance comes into play.

Similar to auto insurance, there are deductibles and just because you have a policy does not mean you are covered against every catastrophe. Live in a flood zone, according to the Federal maps? Buy separate flood insurance. Earthquake or potential target for hurricanes? Then purchase those policies or riders separately.

Buying home insurance is usually required if you are financing your home, when you have a mortgage. Make an inventory of your possessions, including photographs and video, even of fixtures and other special parts of your home, in addition to any special coin collections or heirlooms. Be sure to secure more than enough coverage that will protect your assets and future income.