|
|
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.
|
|
Download Free Home Inventory Software
Download Free Budget Tracker Software
Home
Insurance
Auto
Insurance
Life
Renters
Travel
Insurance
Health
Dental
Principles of Insurance
Contract Principles
of Insurance
Indemnification
How an
Insurance Company Makes Money
How Insurance
rates are determined
Types of Insurance
Companies
Organize Your Life
Free Organizer Software
Movie Lists
Help Getting out of Debt
|
� 
