Home Insurance

As the saying goes, "Be it ever so humble, there?s no place like home."It is true that our homes are havens where we can be ourselves. They provide shelter from literal storms as well as figurative ones. Our homes provide comfort from a long day in the office and they are also a testament to our hard work and are, for the majority of us, the largest investments of our lives.

With 95% of American homeowners having home insurance (according to the National Association of Insurance Commissioners), it's clear that most of us know how important this type of insurance is. You cannot overestimate the importance of insuring your home and its contents - home insurance should be considered an essential for anyone who owns their own home.

You need to understand the terms of your home insurance policy. If the worst happens, and your home is damaged or destroyed, it would be a greater disaster to find that your policy does not cover everything you thought it did.

Standard Home Insurance Policies

Standard policies cover damage due to tornadoes, hurricanes, and other destructive weather, fire and smoke damage, vandalism, and theft. However, earthquake and flood damage is not covered. A typical home insurance policy covers:

Your home, yard (including landscaping and plants), and outbuildings on the property such as a garage, garden shed or pool house.

The contents of your home and out-houses. This includes borrowed possessions and those belonging to non-paying guests. Vacant land and cemetery plots.

Unauthorized use of your credit card and checks.

Liability for injuries to people on your property, including legal and medical expenses. Costs incurred due to your displacement from the home (including rent for temporary housing).

Extra Coverage Home Insurance Policies

As standard home insurance policies don't cover flood and earthquake damage, these must be paid for separately. If you do happen to live in an area where floods or earthquakes are a possibility, then extra insurance to cover these is extremely essential.

Guaranteed Replacement Cost Policies

As the name suggests, if your home or possessions are destroyed, you are guaranteed the cost of replacing them, even if you're underinsured.

In terms of the home itself, this is an advantage because you are covered for the full replacement cost, even if you don't know what the costs will be.

It goes without saying that our homes are important and valuable to us both emotionally and financially. Therefore, it is important that home insurance coverage is understood, and policy owners know what their policies cover and what they do not.

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