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10 Best Home Owners Insurance of 2017
Homeowners insurance is meant to protect your home from damages to the house itself, or to possessions within the home. It can also provide liability coverage if someone other than the property owner or renter is injured while on the property, and decides to sue. Exceptions to most policies include acts of war and so-called acts of God , such as earthquakes, floods or mudslides. Additional policies for some of these may be purchased separately.
In the U.S. there are seven forms of homeowners insurance that have become standardized in the industry, ranging from HO1-HO8, which typically cover most scenarios in which damage may occur. Some homeowner s insurance is designed specifically for renters, (HO-4) this typically only covers possessions inside the home, and isolated events that aren t included in the owner s insurance.
Most homeowner s insurance policies offer coverage for the main dwelling, other structures (garages, storage sheds, fences, etc), personal property, and loss of use, which typically covers living expenses over and above your regular ones, if you are forced to leave while repairs are being made, or are denied access by a government order. Additional property coverage may provide for fire-department service charges, debris removal, property removal, theft or illegal use of credit cards, and building collapse.
Another factor to consider when choosing a homeowners insurance policy are endorsements. For an additional cost, endorsements provide extra protection in case of theft, a second property or credit card forgery. Other examples of endorsement can help you pay for the cost of rebuilding your home, keep up with inflation, or insure your house for a specific value and add a 20-25% extended limit if reconstruction costs run over.
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Customer Questions & Answers
What is Home Insurance?
Home insurance (also referred to as homeowners insurance) protects your home, property and personal belongings from damage resulting from accidents such as fire, natural disaster, theft and vandalism. Additionally, it also includes liability coverage in case you or your property are responsible for accidents and bodily injury that occur in connection with your property. For instance, if your usually harmless dog bites the mailman, a tree in your yard falls on your neighbor’s new sports car, or a girl scout falls on your driveway while delivering cookies.
Am I required to have homeowners insurance?
Homeowners insurance is not required by law, but if your home is being financed by a mortgage, chances are the lender will require you to have a homeowner insurance policy. This will protect you (and their financial interest in your home) against any unforeseen damage.
If you buy a condominium or co-op, your housing association may also require you to purchase insurance regardless as to whether or not you have a mortgage. And some townhome communities have group insurance coverage, which only requires you to have renters insurance, so it’s worth looking into before making any purchases.
Even if you aren’t required to have homeowners insurance, many people still choose to cover themselves. The cost of repair after a natural disaster or accident can cost tens of thousands of dollars, making home insurance a worthwhile purchase for most.
How much does home insurance cost?
The answer to this question is based on a number of factors including your home’s age, quality of construction and materials used, location, risk factors, your credit score, preventative measures taken (like smoke detectors or home security systems), and others.
The average cost of homeowner insurance varies significantly by state, and most sources report state averages fall between $550 and $2000, with the national average around $1000.