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Homeowners insurance: All You Need to Know

A home is the most expensive and valuable asset a person will ever buy in their lifetime. Your house protects you, your loved ones, and your possessions. You take all the necessary precautions to ensure everything is safe and protected. However, accidents and incidents are inevitable. Moreover, the damages caused by those accidents to your home and belongings can be huge. But you can minimize the impact of these damages with the help of homeowners' insurance. With homeowner's insurance coverage, you wonu2019t be paying for renovations and replacements costs anymore. Your insurance policy will take care of it for you. Click here to learn more about homeowners insurance and why you need it. https://quotezebra.com/homeowners-insurance/

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Homeowners insurance: All You Need to Know

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  1. Homeowners Insurance ALL YOU NEED TO KNOW

  2. What is homeowners insurance? • Home insurance is designed to protect your property, your personal possessions, and you in the event of a disaster or accident involving your home. • It provides coverage from harm, such as theft, vandalism, and damage. • This policy provides liability coverage for accidents in your home or property. Moreover, it also covers legal expenses when you’re held responsible for an accident or injury.

  3. Why do you need homeowners insurance? • A home is the most expensive and valuable asset a person will ever buy in their lifetime. • A house protects you, your loved ones, and your possessions. • Most foreseeable events may not be preventable, but the damages caused by them can be compensated through homeowners insurance. • With homeowners insurance coverage, you won’t be paying for renovations and replacements; your insurance will take care of it for you.

  4. Who needs homeowners insurance? • The law does not mandate home insurance. • However, if you are financing your home, your mortgage lender will require you to have the policy. • If you are one of the lucky people who do not have any mortgage, its is still best to have this policy protect your property from accidents or disasters. 

  5. What does homeowners insurance cover? • Dwelling: This policy covers your home itself, like the structure or roof. • Personal Property: This policy provides reimbursement to repair or replace your personal belongings that got stolen or damaged from your home due to a covered peril. • Other Structures: This policy also covers any detached property, such as a shed or fences. • Additional Living Expenses: This policy covers the expenses you incur if you have to live away from home while the damages are being repaired. • Medical Payments: It covers the medical payment costs resulting from minor injuries regardless of who’s at fault.

  6. What is not covered by homeowners insurance? • Earth movement • Ordinance of law • Flood, tidal waves, tsunami, surface water • Power failure • Nuclear hazard • Intentional damages • Confiscation and destruction of property by the government authority • Natural wear and tear, mold, and infestations

  7. Types of homeowners insurance • HO-1 Coverage: Basic form • HO-2 Coverage: Broad form • HO-3 Coverage: Specialty coverage • HO-4 Coverage: Renters insurance • HO-5 Coverage: All-inclusive • HO-6 Coverage: Condo insurance • HO-7 Coverage: Mobile home insurance • HO-8 Coverage: Homes that do not meet insurer standards

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