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Home Insurance

While auto insurance is mandatory in many countries around the world, homeowner's insurance is a type of insurance that no one will compel you to buy. However, it is a wise decision to consider buying homeowner's insurance policy, especially if you reside in a place with a high risk of natural disasters. Natural calamities come unexpectedly and cause damage to structures and buildings. And your home may be among of the damaged ones. If your dwelling had no insurance policy covering it, then you'd be left alone with the problems of recovering your home after the disaster. And it can become an overwhelming task that you wouldn't be able to cope with, which can even lead you to the bankruptcy. That's when homeowner's insurance policy would be helpful and even indispensable.

There are various types of homeowner's insurance policy and you can buy each of them separately or combine them. Homeowner's insurance can cover its owner against natural disasters as well as other damages, theft or legal liabilities to third parties. Lets take a closer look at the topic.

Homeowner's insurance policy is a kind of package insurance policies. It means that the policy covers you both from the damage caused to your house and the legal responsibilities involved. But homeowner's insurance goes beyond this, as it can be used to cover the policyholder from the damage and injuries caused to other peoples by the policyholder and her or her family members, or by the policy owner's household pets.

Most of natural calamities are covered by homeowner's insurance policy. However, protection against some disaster isn't included into a standard policy. These are earthquakes and floods. If you want to protect your dwelling from these catastrophes, you should buy a separate insurance policy. But probably you do not need to buy insurance against floods if you do not live in a flood prone area.

The standard insurance policy includes four types of coverage. These are: coverage for the structures and buildings, coverage for your home contents and personal belongings, coverage against legal liabilities and protection against additional living expenses.

Coverage for the structures and buildings will pay for all the expenses related to the insured house's rebuilding or repair. If your dwelling or a garage has been damaged by a natural calamity like hail, windstorm, hurricane, fire or lightning, or by vehicle, airplane or any kind of explosion, you'll be covered against all of the related expenses.

Coverage for home contents protects your personal belongings, household items and furniture in case they are destroyed or damaged by one of the disasters you've been insured against. However, there are some limitations. Most of insurers will offer you coverage of 50%-70% of the total amount for your home coverage. So you are confined to your home insurance from the very beginning.

Liability coverage protects the policyholder against legal liabilities for any property damage or physical injury caused by the policyholder or his or her family members, and even by their pets to third parties. The coverage works not only for the damage caused to people within your home, but anywhere in the world.

If your home have been destroyed and you have no place to live in, then additional living expenses coverage will pay for all the living expenses incurred due to the natural disaster. It includes not only living expenses in a hotel, but also food cost.