House Insurance: Covering your Bases

2007-03-08 10:33:40

( Insurance )



DEFENDING THE HOME FRONT

House insurance is a type of insurance policy that covers a broad spectrum of protection against possible damage to the house. House insurance benefits can include protection against loss of house or its contents due to fire or burglary, as well as coverage against liability for accidents that may occur inside or within the premises of your home.

House insurance rates depend on the estimated replacement cost of the house, and are based on the prevailing market value of your property. House insurance rates will also include the additional cost of house contents insurance if you decide to have them covered as well.

Getting house insurance protection is going to be a major decision on your part so it is best to canvas for several house insurance quotes. While on the inquiry stage, make sure to specifically ask what conditions will be paid and what situations are excluded from coverage. This is important to know because house insurance policies differ from one company to another. Depending on your location, you may need protection against elements that are not covered or will require the purchase of a separate policy.

PROTECTION AGAINST THE UNCERTAIN

A house insurance policy by and large does not provide protection against natural disasters and war. However, a special insurance for these occurrences are available as a separate policy. This includes insurance against earthquake, flood, tornado, etc.

If you are planning to take a mortgage for the purchase of a property, the lending company will require you to purchase house insurance as a stipulation of the mortgage. This condition provides some level of protection for the bank or financial institution in case something happens to the property before you have been able to pay for it.

House insurance is one of those things in life that we avail of for our own peace of mind. While it gives us a sense of protection against life’s uncertainties, it is something we hope we will never have to use.


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