What’s Homeowners Insurance?

If you own your own home you’ll want to have homeowners insurance. Homeowners insurance covers your personal property inside of the home as well as damages to the house should any occur. It also covers you if someone is injured at your home or while on your property.

Some homeowners policies will also cover such things as fire, wind, theft, hail, lightning, and vandalism as well. However, you’ll want to make sure that you read the fine print and fully understand the circumstances surrounding such coverages as not all of them are the same.

Many homeowners policies will exclude specific things such as floods, earthquakes, and volcanic eruptions. Be sure that you fully understand what is and isn’t covered in your policy before you sign and pay your premium.

You can also opt out of specific coverages by signing a waiver to exclude those specific situations. However, you can’t opt out of the coverages to the structure itself as this is a requirement by the mortgage company to help protect their vested interest in your house until you’ve paid your mortgage off.

You’ll never want to exclude the clause that protects you should someone injure themselves while at your home or on your property. If someone fell down the steps, for example, you may find that their insurance company bills you directly for their injuries and they have to file a claim.

You would be held liable for such fees as their medical care, lost wages and anything else that pertained to their injury while they were on your property. For this reason, this is a must have any homeowners insurance policy.

You can find a lot of different rates for homeowners insurance so do your homework through your insurance agent and get several quotes before you sign on the dotted line.