What
should Home Insurance cover?
Different home
insurance plans cover different things, but here is a list
of some of the most important things to look for. It should
cover your house, everything in your house, fences, outdoor
equipment, outdoor antennas except satellite dishes, swimming
pools, property owned by others in the house, your property
in anyone else's house that you are in, living expense if
damage causes your house to be uninhabitable, rental value
if you house was rented and can no longer be rented, if
a civil authority prohibits you from using your house as
a result of damage to neighboring properties it should cover
the living expense and rental value. If someone is hurt
on your property, it should pay their medical bills.
Home
Owner Insurance Catches
There can be several catches
to the coverage your home insurance has. One is that natural disasters
may not be covered so if your house is hit by a hurricane or by lighting
your insurance will not pay for it. Another is it may cover rental value
but will not cover the value if you had a lease that was canceled. It
may not cover any structures used in whole or in part for business purposes
including storage. It may not cover farm barns, outbuildings, other
buildings (other than your house) rented or held for rental to a person
unless solely as a private garage. It also may not cover satellite dish
antenna systems or related equipment worth more than a certain amount.
Be sure to read all of your policy's fine print in case it has these
or any other catches so you will know about them.
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Is
home owners insurance required?
In many places, home insurance
is not required. To check contact your local government authority
and ask if you are required to have homeowners insurance. If you are,
ask how much insurance you are required to have and check to see if
you have to have any extras on it like coverage if you house is hit
by a hurricane. Also, be sure to check your agreement if you are renting
or have a mortgage on your house to see if that requires homeowners
insurance, a certain amount of insurance, or any extras. If you are
not required to have insurance do not just brush it off, because one
fire can ruin your home. Then if you do not have insurance, it could
put you into a large debt rebuilding your house.
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