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 Home Owner's Insurance 


Home insurance is a type of insurance that protects the home. A premium is payed, typically for 6 months or a year, to an insurance company. In return that insurance company will replace or repair the home in the case of damage. Each home owners policy or contract is different and different types of home damage will be covered depending on the insurance policy. Often times home owners insurance will cover liability in the case of accidents that may happen on the home property as well. Protecting your home and house is very important as it is usually one of your most valuable assets.

In most cases "Acts of God" are not covered by the average home owner's insurance policy. It often takes a separate contract to cover these items. Earthquakes, flood, or war are often excluded.

The price of the home owner's premium is usually based on what the cost would be to replace or repair the house in the case of damage. Often there is a deductable attached where the home owner would pay the first $500 or $1000 of any claim. The lower the deductable the higher the insurance premium.

Home insurance premiums can be lowered or raised for other reasons like location (proximity to high disaster areas or to a fire station) and safety equipment (like fire sprinklers or alarms).

In many cases the home owners insurance premium is not payed directly by the home owner rather by the mortgage company. The home owner pays the mortgage company a portion of the home insurance premium each month as part of the mortgage payment.

It is always a good idea to talk with your insurance agent and to read your home insurance contract to understand what damage is covered and, maybe more importantly, what potential home damage is not covered under your insurance.

Things to look for that you may not be covered include "Acts of God" (sometimes called AOG), jewelry (or at least there may be a limit), art, or any other collectibles or items that are highly valuable. Again, ask your insurance agent if you have any questions.

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Please Note: THIS IS NOT PROFESSIONAL ADVICE. If you need specific advice please seek a professional who is licensed or knowledgeable in that area.  Please note that we are not insurance experts or lawyers. We accept no liabilty and claim no validity for the information on this site. Information on this site may not be accurate.  Insurance customers should always consult their insurance company and/or agent as well as their lawyer to get a good understanding of coverage and other legal questions/concerns about their insurance policy or any policy they intend to buy.

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