Typical Home Owners Insurance Policies
Many insurance and financial companies offer home owners insurance, these offers can be made up of individual or a combination of different policies ranging from home repairs to personal liability.
It is important to understand which policy you need for your own personal circumstances.
The available home owner's insurance policies can be divided into 2 separate streams of insurance, the first is property damage to the home, detached structures, contents of the home and any living expenses incurred due to property damage.
There are 4 policies in this stream; The first policy is damage to or destruction of your home.
This policy will cover repairs to your home from fire, tornado, flood, damage caused by high winds and other incidents that you take out of at the time.
The second policy is damage to or destruction of detached structures.
This policy is quite commonly extended by having the first policy which will give you 10% automatically of this policy, you just need to get coverage of the other 90% by taking out insurance.
This is for damage to structures like barns, sheds, detached garages.
The third policy damage to, destruction of, or theft of personal property anywhere in the world.
This policy can be viewed as a requirement to insure your belongings.
The fourth policy is the additional living costs incurred because of one of the other 3 policies having caused this onto you.
An example is that your house has been badly damaged in a storm and you cannot live in it until repairs are done, then the expenses of living away from your home whilst it is being repaired are covered by this insurance.
The second stream is insurance to cover costs where you may be personal liable (or a member of your family) for injuries or property damage to another person.
The first insurance policy is personal liability (excluding automobiles) for injuries and property damage at home and anywhere in the world.
This policy has a wide coverage from a simple act of breaking your injuring your neighbor by a stray baseball from your backyard or someone injuring themselves on your property.
The second policy is medical payments for guests injured in your home, like someone slipping over in your bathroom and injuring themselves.
This is not health insurance and has a set maximum that can be claimed.
Like all insurance requirements you need to personally analyze your requirements and determine what is required for you and your family.
It is important to understand which policy you need for your own personal circumstances.
The available home owner's insurance policies can be divided into 2 separate streams of insurance, the first is property damage to the home, detached structures, contents of the home and any living expenses incurred due to property damage.
There are 4 policies in this stream; The first policy is damage to or destruction of your home.
This policy will cover repairs to your home from fire, tornado, flood, damage caused by high winds and other incidents that you take out of at the time.
The second policy is damage to or destruction of detached structures.
This policy is quite commonly extended by having the first policy which will give you 10% automatically of this policy, you just need to get coverage of the other 90% by taking out insurance.
This is for damage to structures like barns, sheds, detached garages.
The third policy damage to, destruction of, or theft of personal property anywhere in the world.
This policy can be viewed as a requirement to insure your belongings.
The fourth policy is the additional living costs incurred because of one of the other 3 policies having caused this onto you.
An example is that your house has been badly damaged in a storm and you cannot live in it until repairs are done, then the expenses of living away from your home whilst it is being repaired are covered by this insurance.
The second stream is insurance to cover costs where you may be personal liable (or a member of your family) for injuries or property damage to another person.
The first insurance policy is personal liability (excluding automobiles) for injuries and property damage at home and anywhere in the world.
This policy has a wide coverage from a simple act of breaking your injuring your neighbor by a stray baseball from your backyard or someone injuring themselves on your property.
The second policy is medical payments for guests injured in your home, like someone slipping over in your bathroom and injuring themselves.
This is not health insurance and has a set maximum that can be claimed.
Like all insurance requirements you need to personally analyze your requirements and determine what is required for you and your family.
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