Homeowners Insurance Policies
Those who own their home generally must carry a homeowners insurance policy. This policy protects the owner of the home against certain types of liability in the event that someone gets injured while on the property. It may also provide financial protection in the event that the home is damaged by a fire or after a burglary.
Who Must Have a Home Insurance Policy?
If a home is financed through a mortgage, the homeowner must generally carry such insurance. Without such a policy, a homeowner could decide to stop making payments if the house is damaged and it costs too much to repair. However, it is certainly a good idea to have insurance on your home even if you are not required to.
Why Is Such Insurance Worthwhile?
Some insurance policies provide coverage to replace belongings inside the home or in surrounding structures. If you have a home office or have valuable items in your home, your insurance policy will replace them or pay their market value as compensation to the owner of the property. It may also provide coverage in the event that a worker is hurt while repairing your roof or remodeling your kitchen. While the contractor should have such insurance, this is not always the case, and you may be held financially liable for those injuries.
How Would You Make a Claim?
In the event that you need to make a claim, you can contact your insurance company by phone or online. You then submit your claim and supply evidence to support the claim. An adjuster will then come to your home, assess the validity of the claim and then approve any work that needs to be done.
Homeowners insurance can protect you financially after a natural disaster, a burglary or if someone gets hurt on your property. Instead of having to worry about how you will pay for the damage, you can call your insurance company and get the money you need to make repairs or replace valuable goods.