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Homeowners Insurance

Homeowners Insurance Basics
Homeowners insurance is important coverage for your home. Your home is a big investment. And this coverage helps financially in the event of damage, fire, theft, liability issues, or total destruction of the property. If you own your home, then you should have homeowners insurance. And if you have a mortgage, your lender will likely require insurance coverage.

Several types of events are covered. Fire, weather damage, theft, and more events are covered. But flood damage isn’t covered, so you need specific coverage for that. When you make a claim to your insurance company, an adjuster will have to evaluate the damage. The insurance company has the right to deny a claim that falls outside the limits of the policy. If the claim is approved, you may receive a check for the damage minus your deductible. In some cases the insurer may pay the benefit directly to contractors.

Your policy will be specific about what it covers. But if you’re unsure, just contact your insurance agent and inquire. The main benefit of homeowners insurance is the financial help it provides. Recovering from a mishap in your home can cost a lot of money. At least with this coverage, you will have help paying for the expenses and recovery. Without coverage, you’ll have to pay for everything on your own, and that might be too much to bear.