Types of Homeowners Insurance3/14/2019
You've just bought a house. As part of the settlement process you were required to secure a homeowners insurance policy acceptable to your lender. What does your new policy look like? What is covered in the plan? Here are a few examples of homeowner insurance plans:
- Standard policies typically cover houses and possessions from damage caused by fire, smoke, lightning, windstorms and hail, etc.
- Dwelling policies cover repairs or rebuilds to houses and attached structures.
- Personal Property policies cover losses to furniture, clothing, appliances and most other possessions. Usually specialty items, such as jewelry or art, will require additional coverage.
- Loss of Use policies generally cover loss of rental income, or, will cover your living expenses if you're unable to live in the home.
Of course, there are other considerations with any plan, so when shopping for insurance be sure to check the fine print. Go over the details with your insurance broker to see what coverage you have, and what additional coverage you may want to consider.
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