Lee Romanov is the founder and president of The InsuranceHotline.com, since 1994.
InsuranceHotline.com provides a rate comparison service for auto, home, life and commercial insurance via the internet, now processing over 3,000 quotes a day, internationally. Get Instant Auto & Car Insurance Quotes here.
For many of us, our home represents the single largest investment we will ever make. One of the best ways to protect that investment is through the purchase of homeowners insurance. The problem is that many of us don’t truly understand how a homeowners insurance policy works and exactly what our insurance policy will cover should a disaster strike. Rest assured, the home buyers essential guide will outline the facts you need to know about insuring your home.
What am I covered for?
Generally, all home insurance policies cover two main areas; Property and liability. Property insurance includes your house and any detached structure located on your premises such as a shed or garage. Your family’s personal items and contents are covered whether damaged in your home, car, or temporarily away from your residence. Valuables such as art, jewelry and paintings may require additional coverage. Ask your broker if supplementary coverage is needed.
Liability insurance is the second major component of your homeowner’s policy. If deemed responsible, this section will cover negligent acts you commit, anywhere in the world, which cause harm to others.
What situations am I protected against?
Home insurance policies can vary slightly, but most cover damages to the structure of your home and your personal contents caused by:
· Fire, Lightning or Smoke
· Explosions
· Lightning
· Riot or civil commotion
· Impact by aircraft or land vehicles
· Theft or Vandalism
· Falling Objects
· Freezing of pipes
How do I choose the right policy for my home?
The following coverage definitions of home insurance policies will help you understand and determine your current coverage:
Dwelling Building: Covers your house, attached structures, and permanent fixtures in the home, such as a dishwasher or air conditioning systems. The dollar amount of coverage listed should equal the cost to rebuild your home if a disaster occurred.
Detached Structures: Insures any structure that is not permanently attached to your main residence. Coverage extends to your fence, driveway, trees and shrubs.
Personal Property: This section provides insurance for all the personal property you and your family owns. Coverage for your personal contents is guaranteed no matter where you are in the world.
Additional Living Expenses: Should your home be unlivable due to an unforeseen event such as a fire, this section covers living expenses if you can not live in your home while repairs are undertaken.
What insurance options do I have?
Home insurance policies usually come in three forms. The Basic homeowner’s package is ideal for individuals looking to save a little bit of cash. This package provides coverage for your house, contents and liability. Basic home insurance provides coverage on a named perils basis.
If the basic homeowners coverage seems inadequate, you can upgrade to the Broad homeowners package. This policy provides all risk insurance coverage to your home and named perils coverage to your contents. This package is priced in the mid-level range.
The most inclusive home insurance package is titled Comprehensive homeowners. This policy provides all risk insurance coverage to your home and contents. Review the policy wordings as there are certain situations or exclusions under all risk insurance
Obtaining enough insurance coverage for your home is the only way to protect your most valuable asset. Your local broker is the best source for all your home insurance needs and questions. Make sure you understand what you are buying. It’s important to know who or what is covered, exclusions and policy limitations, how much coverage is provided and how to report a loss or claim. Remember to not confuse what you paid for your house with rebuilding costs. Insurance does not cover market value or the land.
- Related Articles
- Related Q&A
- Prevent Hazards And Save On Homeowners Insurance Quotes
- Homeowners Insurance Questions - What you Need to Know
- Homeowners Insurance
- Protecting Your Assets with Homeowners Insurance
- Protecting Your Assets with Homeowners Insurance
- Maryland Homeowners Insurance - How to Get the Best Rate
- Types of Homeowners Insurance Policies: Which One's Right for You?
- Saving On Nevada Homeowners Insurance
Learn How to Find Cheap Insurance For Your Pet - Low Cost Insurance
By: Bryan Burbank | 25/11/2009So many Americans are pet owners. With being a pet owner comes the expense of giving your pet good medical care. If you compare the number of years your pet lives and the cost of medical care you will realize that taking good care of your pets health can be expensive. You should probably start thinking about your pet like you think about any member of your family and the security that comes from a good health insurance policy. For many years good medical coverage for pets was not available or ve
20 Year Term Life Insurance - So Many Uses For This Policy
By: Donald Lusan | 25/11/2009The 20 year term life insurance policy can be effectively used in oh so many situations. We will look at some of them but first let us define what this policy is all about. 20 year term insurance has a level death benefit for the entire 20 year period. This death benefit can be paid in one lump sum or in income form.
Aetna Health Insurance Company of Arizona Review
By: Rick Lewis | 24/11/2009Aetna Health Insurance Company of Arizona is an excellent choice for Arizona health insurance. Of course, not an insurance policy, the best solution for everyone's
Aetna Health Insurance Quotes Available Online at EasyToInsureME
By: Rick Lewis | 24/11/2009In today’s economic environment people are looking to trim expenses anywhere they can. And, with so much talk about healthcare reform individuals are becoming more involved and aware of the cost and availability of healthcare and health insurance.
Aetna Makes $30,000 Grant to Atlanta Urban League to Support 'Get Body Beautiful' Program
By: Rick Lewis | 24/11/2009The "Get Body Beautiful" program, which kicked off Nov. 1, is an interactive, multi-media program that includes: on-site community fitness classes at local malls and churches;
Dental Insurance - Find Cheap Dental Quotes Online
By: Bryan Burbank | 24/11/2009Dental insurance is something that all of us should but not everybody does. The main reason that so many people do not have dental coverage is because it is expensive and in many cases we only have enough money for health insurance. You can search online today and find affordable coverage so that the next time you go to the dentist you do not have to worry about the cost.
Learn How to Be Covered by Health Insurance After You Have Lost Your Job
By: Bryan Burbank | 24/11/2009One of the most talked about topics today is health insurance. Our nation is facing a crisis with so many Americans not having health insurance coverage. One contributing factor to this is the number of Americans that are losing their jobs due to the recession. In this article I will try to give you some tips how you can have health insurance after you lose your job.
Getting Term Life Insurance – term life insurance
By: Danny | 24/11/2009Trying to figure out the actual definition of term life insurance may end up at something like this: the insurance capable of providing coverage up to a specific time limit at a particular and fixed rate of payment. After the stipulated coverage time, the policy does not exist and there by the client either has to forego the policy or try to get potential further coverage with different payments and conditions.
Don’t Let the Fear of Higher Insurance Rates Put the Brakes on your Dreams!
By: Lee Romanov | 08/10/2007 | InsuranceIn your wildest, most fantastic dreams, could you ever have imagined that what you’re currently paying for car insurance could land you a new car? Read on.
Claims & your Insurance Rate
By: Lee Romanov | 07/10/2007 | InsuranceAny reported accident, even if there was no damage at all, stays on your insurance record for six long years, seriously impacting your insurance rates.
Home Buyers Essential Guide to Home Insurance
By: Lee Romanov | 07/10/2007 | InsuranceBuying a new home can be an exciting and stressful experience. The problem is that many of us don’t truly understand how a homeowners insurance policy works and exactly what our insurance policy will cover should a disaster strike. Rest assured, the home buyers essential guide will outline the facts you need to know about insuring your home.
Changing Insurance Companies
By: Lee Romanov | 06/10/2007 | FinanceDon’t hesitate moving to another insurance company for a better rate, there is NO risk in switching companies to save money. That’s why insurance companies lower their rates, to attract new business, so don’t be afraid to take advantage of it.
Showdown at Car Insurance Corral!
By: Lee Romanov | 05/10/2007 | FinanceSo, what’s all the fuss about? Is it really worth the time and effort to prospect for the best car insurance rate? Or is it like digging for fool’s gold?
Can I Borrow your Car…insurance?
By: Lee Romanov | 05/10/2007 | FinanceIn our continuing quest to bring you sobering and thought-provoking information about driving and insurance rates, we conducted a survey of more than 10,000 people, asking this very important question:
Beware – Vacationing May Increase Car Insurance Rates
By: Lee Romanov | 18/09/2007 | InsuranceAuto insurance companies are consistently searching for tickets and suspensions by performing background checks and investigations. Once your auto insurance company finds a new ticket, be prepared for a sharp increase in your rates.
Planes, Trains and Automobiles
By: Lee Romanov | 18/09/2007 | InsuranceWe all know that we need tickets for planes and trains, but do we need them for automobiles?