Information on Homeowners Insurance: Home Insurance Advice

Get the basics on Homeowners Insurance and the Importance of doing a home inventory. Before finalizing a mortgage loan, lenders require homebuyers to purchase hazard insurance to pay the lender in the event the house is damaged or destroyed by fire, smoke, wind, hail, vandalism or another similar act. Virtually all homeowners buy comprehensive homeowner's insurance, not just the minimum required by the lender.

In addition to covering the house, homeowner's insurance protects furnishings and other personal items, as well as any other structures on the property. Homeowners insurance also covers some types of personal liability. For instance, if the mail carrier trips over your kid's skateboard, your policy will pay for his medical expenses and other losses.

You will want to purchase additional insurance if your house is:

  • In a high-risk area for fire
  • In a flood zone
  • Located in an area prone to hurricanes, tornadoes, earthquakes or natural disasters
  • You have expensive art, business equipment, or valuables

Finding good homeowners insurance coverage has become surprisingly difficult in some states, such as California and Texas, where high payouts for mold and other disasters have made the insurance industry skittish. You might actually find that you can't purchase a policy, or at least not a reasonably priced policy, if you've filed many insurance claims in the past, or if either you or the seller of the property have made claims for water damage.You are best advised to get a policy with a high deductible, so that you've got no reason to file lower-cost claims that will raise your premiums or lead to cancellation of your policy in the future.

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