Homeowner: Own your Possession

2007-03-08 10:33:40

( Real Estate )



INSURING YOUR HOME

If you are a homeowner, taking out homeowner insurance is not prescribed to you by law; you have the option to avail of house insurance or not. Homeowner insurance provides coverage to your property in case of disasters that can destroy your home. Depending on the policy you have taken out, the insurance will pay for the cost of the damages your house has incurred when insured disasters such as fire and tornado hits it. The policy will also pay for the belongings inside the house that were lost or destroyed.

Homeowner insurance also covers your liability when you and your household cause damage to other people. The policy will also pay for medical treatments in the event that someone is hurt or injured while inside your property.

If you are planning to buy a property by taking out a mortgage to finance the purchase, it is very likely that the bank or financial institution will require that you get homeowner insurance to protect the property against damages. This is to protect the investment of the lending company in case you default on your mortgage payments. Once you have closed the homeowner loan it will now be your prerogative if you want to continue the homeowner insurance policy or not.

CIRCUMSTANTIAL NEEDS

Some circumstances make homeowner insurance a necessity. A big factor is the place where you live. If you are in a tornado or hurricane prone area, it will be wise to take home insurance to protect your property from such natural calamities.

When looking at homeowner insurance quotes, make sure that the disasters from which you are covered are specifically mentioned. Most policies will only cover you against the most common disasters. So make sure to study those homeowner insurance quotes very well before making a commitment. After all, it is your responsibility to know what you are being protected against.


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