Logic Insurance, General Question of Homeowner Insurance - Since your home is likely your most valuable asset, it's important to educate yourself about homeowners insurance and the "what-if's" surrounding natural disasters, fires and other matters regarding the protection of your home.
Though the average standard policy covers most weather disasters and break-ins, it's important for you to know whether you're in a flood zone or how your valuables will be replaced after a massive loss.
General Question of Homeowner Insurance
What if a natural weather disaster occurs?
Most standard policies cover damages from thunderstorms, hurricanes, high winds, fire, theft and tornadoes. Depending on the policy you purchase, your plan will help you with the damage of the structure of your house. It's important to compare policies based on the size of your house.
What if I lose all my belongings?
Since basic homeowners insurance policies usually don't include coverage of material possessions inside the home, you'll likely want to look into an extended policy that'll include valuables. By purchasing an extended policy, you'll be covered for the rebuilding of the house (with a certain percentage added based on current market) and the possessions inside your home as well.
What if someone gets injured on my property?
An injury that occurs on your property by a hired workman or visitor is a serious problem. Purchasing comprehensive homeowners insurance will protect you against any injury lawsuits filed. When researching these policies, it's important to ensure that any damage to the home, medical bills, and cost of an attorney will be included.
What if I don't buy a policy?
Though the requirement of homeowners insurance can vary from state to state, it's likely that your lender will require you to purchase a policy. If you fail to do so, it's possible that your lender will purchase one and charge you for it. Since it's a good idea to insure your belongings anyways, there's no reason not to get a policy.
What if I live in a hurricane or flood zone?
Companies won't usually insure houses that are in a high-risk zone for flooding or hurricanes. Private companies will sometimes offer policies that can help you rebuild after a natural disaster in these high-risk areas. You can also contact the National Flood Insurance Program for flood protection. Similarly, basic policies won't cover sewer damage in very old homes, and you'll have to purchase additional protection.
It's impossible to predict natural disasters, horrible storms, or theft. However, you can be prepared when they do occur. By protecting yourself with homeowners insurance, you'll be able to start anew even if your home is leveled and all your possessions are lost. It's important to understand the natural disaster risks associated with the area in which you live and ask your company about the types of coverage they offer.
Don't let a freak accident or event throw your life off track, create a plan for times of disaster and desperation. You and your family will be happy for the protection that buys valuable items back and rebuilds your home. (Andrew Stratton)
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