Home Insurance
What is Homeowners Insurance?
Homeowners insurance provides financial protection against catastrophic disasters. The most common homeowners policy covers an array of perils, including burst pipes, explosions, fire, hail, lightning, theft, vandalism, and windstorm. Your policy will also protect your personal property, such as furniture that is damaged as a result of a fire, or the theft of electronic equipment.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage cause by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant exclusions are damage caused by floods, earthquakes, and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Why do you need Homeowners Insurance?
It is really all about protecting yourself financially in the event of something unexpected happening to your home or possessions. Your Homeowners policy is essentially your main line of defense in protecting what is likely one of your largest investments.
Endorsements Provide Additional Coverage
You can purchase additional coverages through endorsements to your policy. These coverages may be for items such as jewelry, furs, firearms, gold or silverware. For example, if you were needing additional protection for your jewelry, you may purchase endorsements that provide:
* Additional coverage for your jewelry beyond the amount covered in a standard policy
* An increase in the perils insured against, for example, a misplaced piece of jewelry, or a stone that falls out of a setting