Whether you own or rent your home, Homeowners Insurance is one of the "must-have" basics for a person coping with a health condition. It protects against an unexpected large economic loss due to damage to your premises, theft of your belongings, or for someone injured on your premises.
There are Homeowners policies for owners and for renters.
The most common form of Homeowners Insurance is "all risks," though there are some policies which are specified risks.
Homeowners insurance covers:
- Damage to your dwelling.
- The contents in your dwelling.
- Your personal property both on and off the premises.
- Liability to people injured on the premises.
- Additional coverages.
It is preferable to get insurance in an amount that covers replacement cost instead of "actual cash value,." and to get insurance at least equal to the amount required by the co-insurance clause.
A Homeowners Insurance policy does not cover against earthquake or flood.
Do what you can to prevent a loss. For example, eliminate fire and tripping hazards. Use surge suppressors to protect electronic equipment from lightning and other damage. Install a burglar alarm. For ideas for protecting your assets from a disaster, go to the website of the Insurance Institute for Business & Home Safety:www.disastersafety.org
For more information, see:
- How To Buy Homeowners Insurance
- A Step-By-Step Guide To What To Do In Case Of A Loss To Your Home
- Frequently Asked Questions
- Read the policy disclosures, renewal contracts and updates from your insurer.
- It is easy to keep an inventory of everything in your home on line. For example, consider the following:
- www.iii.org/software - a free service of the Insurance Information Institute
- www.knowyourstuff.org A free service
- www.lockboxer.com : a minimal charge after a minimum of free items. You have a choice about how much informaiton and detail to include.
- www.stuffsafe.com : A free service
- A software program from Quicken also provides help: Quicken Home Inventory Manager. See: http://quicken.intuit.com