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Homeowner's insurance is also known as Property Insurance. The insurance helps protect you against any damages to your dwelling, personal property, liability and even some living expenses in the event that you need to relocate temporarily or permanently if your insured property is damaged.
Dwelling Coverage : A dwelling is the structure you live in. For homeowners insurance coverage purposes, dwelling also includes any attached garages or units. A basic homeowner's insurance policy may also cover damage to detached structures on your property such as a shed or swimming pool.
Personal property : Personal property includes furnishings and other belongings that you use, wear or collect. A basic policy insures these items from theft or peril-related damages. However, jewelry and other collectibles often require separate coverage.
Liability : Liability coverage pays for accidents that occur on your property for which you are held responsible. Liability includes a neighbor being hurt on your property or someone tripping on your child's bike left on the sidewalk.
Living expenses : In case you have to live elsewhere while your house is being repaired for a claim, a basic homeowner's insurance policy is probably going to cover additional living expenses that you incur.
Homeowners Insurance Tips
One thing to understand is that there are many different types of homeowners insurance policies that you can buy. It all depends on what type of package you go with, in addition to what type of riders or supplements that you add to it. Before the 1950s, you could not buy homeowner's insurance as a complete package. People had to buy each homeowners insurance coverage element separately. For example, you would have to purchase theft insurance to protect your home against burglary and theft; you would have to purchase fire insurance policy to protect your home against fire and so forth. However, now, for the ease of convenience, more and more insurance companies are offering packages of these different policies all rolled into one.
However, just because more and more insurance companies are offering these "packages" it doesn't mean all of the coverage they provide comes for free. The more additions that you tag onto your homeowners insurance policy, the more expensive it will cost. Of course, this is common sense. In addition, the more the deductible is, the lower the cost of the homeowners insurance policy. The deductible is the amount of money you shell out before you obtain coverage.
Remember that the packages might vary in their coverage limits and such, so just because one insurance company offers a certain package at a certain price doesn't mean that another insurance company will do the same.
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