Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.
When you own your home, it is very important to keep a homeowner's insurance policy active in case an unexpected event occurs. Without homeowner's insurance, you cannot be compensated for the losses you may suffer during a fire, theft, vandalism, windstorm, hail, lightning and liability damages. These are the different types of coverage included in homeowner's insurance should these damaging events occur.
Damages To Your Dwelling
Homeowner's insurance covers the cost of repairing or rebuilding your home up to the amount of the policy you have purchased. This also includes the cost of rewiring your home, repairing plumbing problems and repairing or replacing your heating and air conditioning source.
Damages To Additional Structures
If you have other structures on your home, such as a garage, a shed, a guest house, fencing or a barn that are damaged, homeowner's insurance will also pay the cost of repairing or rebuilding them.
Damages To Personal Property
Homeowner's insurance also covers the cost of replacing personal property that is damaged. This includes clothing, furniture, electronics and anything that is inside your home or additional structure when the damage occurs.
Loss Of Dwelling Use
If you must leave your home and stay in a hotel due to the damages to your home, your homeowner's insurance will also cover this cost as well. This includes both the cost of staying at the hotel and the cost of meals that are needed for you and your family who reside in the home with you.
Liability Damages
Liability damages are also covered by homeowner's insurance. This means that if another person is injured or his property is damaged by you or a family member that resides in the home, your homeowner's insurance will cover the cost.
The insurance covers the policy owner and his family if the damage or injury occurs at home or on other property as well. Although, this does not include damages that occur due to an automobile accident. This type of liability coverage would be included in your auto insurance policy.
There are certain events that may not be automatically covered in a standard homeowner's insurance policy. This includes damages caused by a flood or earthquake. However, this type of insurance coverage is also offered by most insurance agencies as a separate policy that can be purchased. Earthquake and flood insurance is especially helpful for those who live in areas where these natural disasters tend to happen frequently.
Share12 July 2016
