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Home Insurance 101
Home Insurance Basics
Generally speaking, homeowners insurance provides overall coverage for the structure of your home. A basic policy offers coverage for damages to your home and belongings inside it for events like fires, storms, explosions, etc. There are different types of homeowners insurance policies that provide more comprehensive coverage for a wider range of events.
Renters Insurance
When you rent an apartment or home, renters insurance helps protect you financially in the event of damage or loss of your personal property. Renters insurance also covers the liability of another individual getting hurt in your rented home as well as the loss of your home due to covered circumstances.
Types of Home Insurance Policies
There are various types of home insurance policies that each have their own nuances on what is or is not covered. We have a comprehensive guide to what these different policies are so you can make the best decision for your needs.
Additional Living Expense Coverage
1.
What does home insurance cover?
Generally speaking, homeowners insurance provides overall coverage for the structure of your home. A basic policy offers coverage for damages to your home and belongings inside it for events like fires, storms, explosions, etc. There are different types of homeowners insurance policies that provide more comprehensive coverage for a wider range of events.
2.
Am I required to have home insurance?
Technically, no. You are not legally required to have homeowners insurance however, if you have a mortgage on your home then your lender will most likely require you to have some homeowners insurance coverage in order to be approved for the loan.
3.
How much home insurance coverage do I need?
A calculation can be done to determine how much coverage you will need based on a few different factors that indicate how at-risk your home is to be damaged.
4.
What factors can affect my home insurance premiums?
These factors include location and weather, the value and type of personal property that you keep within your home as well as potential liability risks within your home such as pools, etc.
5.
How can I lower the cost of my home insurance?
There are a number of ways to reduce the cost of your homeowners insurance but the first thing you can do is to shop around and compare for the best price. Policy Scout experts can help you get the right plan in the budget that works for you.