Home Insurance Agency

Questions Every Homeowner Must Answer – Home Insurance Agency

What is home insurance? Home insurance, also known as homeowner’s insurance or renter’s insurance, is an essential type of residential insurance that covers only residential property. It is sometimes required as part of mortgage lending, and in some states, homeowners are required to carry it. Home insurance coverage is designed to pay for items like theft, fire, storm damage, and water damage to the property.


Who needs it? Homeowner’s insurance can be useful to anyone who owns a home, and it can help protect you from many costs associated with owning a home. Losing a valuable item like a computer or television can be traumatic. Some homeowner policies help to replace these items at discounted prices, and if they are lost and cannot be replaced due to theft or fire, they help to replace them at a comparable cost.


Flood insurance is designed to cover damage resulting from water seeping up through the roof and into your house. Certain areas may be more prone to flooding than others. For instance, a coastal area will have more risk of coastal flooding than, say, a city located near the Great Lakes. Flood insurance helps to replace damaged items in floods, such as furniture, electronics, beds, appliances, and carpets.


What is personal property coverage? Personal property coverage helps to pay for replacing your personal property if it is stolen or damaged. The policy will detail exactly what is covered under the policy.


What is medical payments coverage? Home insurance policies often offer coverage for emergency medical costs incurred in treating a patient who becomes ill or is injured while staying in a house insurance policy owner’s home. This can include hospital expenses and medical payments, which are the non-medical costs incurred by the insured while in a hospital or other medical facility. A typical home health care coverage pays for a doctor’s office visit and prescription medication for one month, and another type pays for an “out-patient” visit to the doctor’s office within the same state.


What is dwelling coverage? If you are renting, this is the coverage taken out on your apartment or condominium unit. Most policies cover the cost of your rent during the period your house is not occupied. Dwelling coverage pays for the full replacement cost of your dwelling, including appliances, furniture, furnishings, appliances, and all valuables. Replacement cost usually means the exact price your dwelling would sell for at closing, less any repairs.


What is additional living expense coverage? Additional living expense coverage is intended to reimburse you for living expenses while you remain in the house you own and any improvements that you make to the house. This type of coverage normally replaces your regular monthly living expenses. Some policies pay for meals, hotel stays, and transportation expenses while out of the house. You can also get coverage to cover certain activities related to your employment, such as child care, childcare, spousal support, and travel expenses.


What is personal liability? Personal liability coverage is designed to protect you against lawsuits and negligence claims that result from property damage or injury caused by you. Endorsements for personal liability usually specify how much money you will pay to another party if you are sued. There are generally two levels of liability endorsements, a limited liability endorsement, and a full liability endorsement. Limited liability endorsements are more affordable than full liability endorsements, although the limitations on these endorsements may vary. If you need home insurance, Home Insurance Agency is the best choice for you!
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