If your home was damaged or destroyed, insurance can help you repair or rebuild your home and/or replace damaged possessions. This coverage is also called home insurance, homeowner insurance, hazard insurance, fire insurance or even HOI (Home Owner Insurance).
Homeowners Insurance or Fire Insurance protects you against losses that surpass your finance's capabilities. In addition to safeguarding your home and possessions, homeowners insurance also provides liability coverage to protect you from financial ruin if someone who is injured on your property decides to sue for damages.
A homeowners’ insurance policy consists of coverage for your building (residence) and your personal property. It also includes liability insurance which pays for injuries incured by other people or damages to their property accidentally caused by you, your family or your pets. You also can purchase several kinds of additional insurance for property that is not listed in your policy or for perils not covered — such as flood — for which you would require a separate policy. You do this by either purchasing a separate policy or by adding an endorsement or rider to your policy.
Should you encounter a situation in which you experience a loss, please be advised that your Home Insurance policy will provide coverage for the following:
Building Insurance Coverage
This coverage will cover not only your House as a building, but also your major kitchen appliances, your flooring, your built-ins, your bathroom upgrades, your light fixtures, molding, trim, and woodwork.
Personal Property or Contents Coverage
This will cover your belongings in the unit. These include furniture, electronic devices, clothing, books, kitchen items & supplies, bedding, decorations and small appliances -- basicially, the items that would come with you (with some exceptions), if you were to relocate.
Liability Insurance Coverage
This will cover you against suits brought you in the event that someone gets injured at your residence or if someone in your building sustains damage to their to their property as a result of a covered loss.
Loss of Use Coverage
Provides alternate living arrangements if you are displaced form your home as a result of a covered loss. A basic policy may provide enough coverage for at least 25 times of the loss in question.
Home Insurance goes by several names, they may be: Home Insurance, House Insurance, Home Owners Insurance, Homeowners Insurance, Hazard Insurance, Fire Insurance