What You Need To Know

Most people need to obtain a mortgage in order to buy a house. A mortgage company may require you to have homeowner’s insurance. Even if you no longer have a mortgage, or never did, homeowner’s insurance is still important.

The consequences of not having this coverage are often vast. However, this type of insurance doesn’t necessarily pertain to every single thing that could go wrong with your home. For example, if your house is flooded, it is irrelevant whether you have homeowner’s insurance or not. Yet even typical wear and tear that can happen to any house is not something homeowner’s insurance policy concerns. Your homeowners’ insurance requirements may be different from other cities throughout your state. It pays to find out what specifically applies to you. There are other considerations if you live in a motor home. You may only want the basics when it comes to your homeowners’ insurance policy. It is still recommended that you have insurance to protect yourself and your belongings. Don’t make the mistake of thinking that just because you don’t have a full-sized home that you don’t need insurance. One factor to consider is whether you own the land your mobile home is parked on. If you don’t, having homeowner’s insurance is still crucial to your peace of mind.

Home Insurance Benefits

Home structure

This coverage pays to rebuild or repair your home when it is damaged by fire, hail, lightning or a covered cause of loss. Ensure your coverage is large enough to cover the approximated cost of repair or rebuilding.

Personal property

Personal property coverage pays to replace damaged or destroyed personal items. These could include sporting gear, furniture, electronics, and clothes. However, there are set limits of liability on certain items.

Secondary structures

This insurance covers the damages to detached structures within your property. Such structures include the fence, shed, detached garages and storage units.

Additional living expenses

Additional living expenses pay for the extra cost of living away from your home due to its being uninhabitable. It covers the costs above your usual living expenses while your home is under repair. It pays for alternative accommodation, food and storage space for your belongings.

Personal liability

This coverage ensures you against lawsuits arising from property damage or bodily injury to other people. It also caters for the damage your children and pets cause. The cover also pays for the resulting legal expenses from raised suits.

Insurance companies may also deny coverage for services that were obtained without preauthorization. In addition, insurers may refuse payment for name-brand drugs if a generic version or comparable medication is available at a lower cost.

Special Offers

Health insurance can be tricky to navigate. Managed care insurance plans require policyholders to receive care from a network of designated health care providers for the highest level of coverage. If patients seek care outside the network, they must pay a higher percentage of the cost. In some cases, the insurance company may even refuse payment outright for services obtained out of network.