Do you own that house where you are living right now? If so, do you have already this homeowners insurance? If not yet you need to get one. It’s true that we have to work harder in order to avail a house that we could really say I owned this place and not rented. It’s a big pride for us if we can buy a house, am I right? Some people get into debt as long as they have their own house because that property is really a big investment. Besides, you can pass this from generation to generation.
So what is this Homeowners insurance? This type of insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep at it.
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 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.