Homeowners Insurance


Homeowners Insurance Provides Compensation for Mishaps in the Home

Homeowners insurance is like a safety net for your home. Accidents happen all the time and you can never prepare for them because accidents always take you by surprise. Imagine if your dog ran into the kitchen, and caused you to spill grease on the hot stove. Just like that, the fire spreads, your kitchen is on fire and you are running for your life. Fire damage can cost thousands of dollars to repair. Without insurance, you are facing a huge repair bill.

What does Homeowners Insurance Cover?

Homeowners insurance insures a home against mishaps that can occur in the home. Damage from fire, weather and other natural catastrophes are normally a part of homeowners insurance. Liability might be included as well, which means if anyone is hurt on the property, the insurance will pay for their medical care. This might come into play if you have a pet that bites someone or if someone slips in your kitchen because you spilled water on the floor.

Policies also usually have coverage for items in your home, and might give you a place to live if you need to rebuild or repair your home.

Is it Necessary?

Homeowners insurance is not a legal necessity. However, a lender will normally require homeowners insurance before giving you a mortgage. Even if you own the home, you still need protection. A home is one of the largest investments a person can make. It only makes sense to make sure it has the protection of good insurance.

How to File a Claim

The first thing is to contact your insurance agency. They will send a claims adjuster to view the property and determine if compensation is in order. If the adjuster agrees with the claim, they will recommend what to do next, and the insurance company will offer a settlement. Appealing is an option if the offer is not satisfactory.

A Homeowners Policy Does Not Cover Everything

Most policies do not cover floods or earthquakes. Separate riders are in order to receive coverage for floods or earthquakes. Read the policy carefully to understand what it entails.