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Choosing a Home Insurance Policy When you build or buy a home, you feel good. You are happy because it is a good place to live with your family. You do all installations and landscaping that adds to your comfort. While you are happy in this house, you should think of the long term comfort and safety in the same house. The need to have a homeowners insurance policy becomes evident now. The policy aims to minimize your liabilities to repairs that may affect your home and other structures. Here is a simplified explanation of the homeowner’s insurance policy. The guarantee of the policy gives you peace when you know that you will not bear the responsibility should the covered perils happen. It gives your financial safety when any incidents that destroy your home or property in it occur. The property extends to cover any liability that should come if you or family member is held legally liable for damage to another person property or injury. Most of the mortgage lenders require that you have this policy. Different insurance companies provide different types of homeowners covers. In comparison, the basic policies are limited while the premium policies are wider and take more risks. The homeowner’s insurance policies cover damages caused by incidents of fire, hail, windstorms, theft or vandalism. The typical policies exclude floods and earthquakes. Ask the representative to tell you what is covered in the policy and what is not. If you want to cover a case that is not in the typical policies, you take a supplemental policy.
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The provisions of the typical homeowner’s policies are discussed here. The dwelling coverage pays to repair or rebuild your home. It covers plumbing, heating and air conditioning, electrical wiring that is under the covered cause. You should take a sufficient dwelling cover if you want to include the rebuilding of your home. Other properties that are detached to the home including the garage, cottages, fences and sheds are covered under the other structures policy. Personal items like clothes, sporting goods, electronics, and furniture are covered under the personal property coverage for covered causes of loss. If you have to temporarily move out of the house when it is being rebuilt, there is the loss of use coverage.
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In case of lawsuit, there is the liability insurance policy covering you and your family. It protects your assets and pays your defense costs if you are responsible for damage to others people property or injury. For any item or peril not included in the typical policy, you can take the additional homeowner’s insurance policy. It is important that you establish confidence with your insurer before you commit your money.