Homeowners insurance is a financial protection against disasters about their homes. A standard policy insures the home itself and the things you keep in it. Homeowners insurance package 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 caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant 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 it may does not cover in homeowners insurance policy.
Most homeowners insurance policies will cover damage caused by such perils as fire, windstorms, hail, lightning, theft or vandalism. There are other homeowners insurance policies that cover additional perils as well. Typically, floods and earthquakes are excluded. It's important to talk to your agent or Travelers representative to learn what your policy may and may not cover. And for those perils that are not covered, there may be supplemental insurance you can purchase.
In the U.S. there are seven forms of homeowners insurance that have become standardized in the industry; they range in name from HO-1 through HO-8 and offer various levels of protection depending on the needs of the homeowner.
Dwelling coverage of Homeowners insurance
.Pays to repair or rebuild your home - including electrical wiring, plumbing, and heating and air conditioning - if damaged by a covered cause of loss. It's important to buy enough dwelling coverage to cover the cost to rebuild. It is beneficial for the sake of homeowners insurance bearer and control the finical loss.
Structures Coverage
This type of homeowners insurance policy pays for damages to detached structures like garages, sheds, fences and cottages on your property.
Personal property coverage Of Homeowners Insurance
This policy provide Coverage of your personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics.
People who live in certain parts of the country, adding an extra policy for earthquake insurance or flood insurance can be a good idea to offer further home protection and peace of mind. Some homeowners insurance is designed for renters, typically HO-4 or "renters insurance", and only covers possessions within the home and isolated events not covered in the property insurance held by the owner.
