About Homeowner’s Insurance
Homeowner’s Insurance is protection for the home filled with our family and assets from various risk factors. It is not a mandatory requirement to purchase this insurance for any homeowner, unless they have a mortgage on the house. It’s advisable to be proactive and get adequate coverage than to be reactive and spend a much higher sum in repairs and/or replacements.
Homeowner’s Insurance is a variety of Property Insurance for individuals that can be customized and/or packaged based on the risk analysis associated with each specific home. The basic purpose of the policy is:
There are different types of Homeowner’s Insurance coverages available on the market, each focusing on different issues. The broad classification is described below:
A house becomes a home when the residents decide to make it personal, and make it their own. People go through ups and downs to create a home out of a house – accumulating money to buy it, then the necessary fixtures of electricity, heat, plumbing, etc. Then comes the planning and execution of the home décor, furniture, and other assets. All these efforts, expenses and memories make a home truly precious to its residents, even after the monetary factors are taken care of. Homeowner’s Insurance coverage options actually cater to a much deeper level than just a financial backup plan for the house and its contents. These coverage options are designed to protect the physical house and its contents along with ensuring that the homeowner goes through a minimum of hassles in case of a misfortune striking their home.
Points to note
There is fine print in a Homeowner’s Insurance contract. There are various incidents that may cause damage to a home, but not all may be listed in the contract provisions. It is highly recommended to get in touch with a reliable and authorized insurance consultant to know exactly what is covered and to what expect before filing a claim with an insurer.
Also, here’s a word of caution to the small business owners who operate from their homes. The Homeowner’s Insurance does not cover damages to any business property present in the insured house, even if the cause was a covered event, unless otherwise mentioned specifically in the contract. So, it’s required for such business owners to opt for separate insurance coverage for those business personal property only.