Sunday, October 19, 2014

How To Protect Your Houses?

Home is one of the important necessities in anyone’s life. Whether it is a rental or owned, everyone wants to come home at end of the day. However, what will happen if a fire broke out and you lose your house? What if your house is destroyed in a natural disaster? What will you do in those situations? You should be prepared for every emergency.

House insurance for owners and rental is a part of the preparation for any emergency. Buying an insurance policy for your home can provide you economical protection in the case of emergencies. There are many types of policies available for houses like:

For owners: Insurance provides economic protection in the case of many disasters like explosion, fire, smoke, theft, windstorm, hail, volcanic eruption, lightning, riots, damage caused by vehicles, and civil unrest etc. In this category, mainly HO-1, HO-2, HO-3, HO-5 and HO-8 policies are included. In these different plans, coverage is provided for the structure of building and personal belongings.

For renters –
For renters, HO-4 policy provides coverage for the structure of building and belongings inside. In this plan, coverage is provided against 16 disasters like theft, fire and natural disasters etc.

For co-op or condo owners – For condo owners, HO-6 insurance is offered. In this plan, coverage is provided against 16 disasters. Structure of home and personal belongings are covered in this policy.

In above mentioned policies, structure of building and personal property are included. In some plans, other buildings like garage etc., are also covered. These other structure should not be used for business. In personal belongings, things like clothes, furniture, jewelry, silverware, sports equipment and furs etc., are included. In some house insurances, plants or trees are also covered. Expenses for repairs, cleaning, fire department etc., are also paid by insurer.

Liability –
Liability coverage is another important category of home owner policies. In these plans, company provides economic protection if insured person or family members cause property damage or injuries to other people. Damage caused to other people by pets is also included in this category. If a person gets injured on insured person’s property, then company is liable to pay medical expenses. Different coverage plan cover liabilities of insured person.

In some plans, insurer provides additional living expenses if insured person is unable to stay in house due to damages by theft, fire etc. Expenses for meals or hotel bills are also covered. However, you can take any type of home insurance, whichever provides best protection.

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