Term Life Insurance
BUYING HOMEOWNERS INSURANCEHomeowners Insurance is a package or multi-line policy providing the protection needed by most homeowners. The policy provides property insurance, including theft, with very broad coverage on both the building and the contents. Liability insurance is also provided. Homeowners Insurance also protects against liability for accidents that injure other people or damage their property.WHAT HOMEOWNERS INSURANCE COVERAGE DO I NEED?Asset Protection:More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You should insure your property to the value you believe your home is worth to obtain maximum protection. You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence. Lender Requirements: Your lender may require you to cover the house for at least the amount of the mortgage. This may be too little or too much for your individual circumstances. You are not required to purchase insurance from the insurer recommended by your lender. Policy Requirements: Insurers may impose some conditions for replacement cost protection, to include your insuring the property to value. HOMEOWNERS INSURANCE BASIC COVERAGESThe most common basic homeowners insurance coverages are Property damage, Additional Living Expenses, Personal Liability, and Medical Payments.Homeowners Insurance - Property DamageHomeowners Insurance Property damage coverage helps pay for damage to your home and personal property caused by such perils as fire, lightning, windstorm or hail. The perils of flood and earthquake are not covered. If you believe you need flood insurance ask your homeowners insurance company specifically to provide it.Generally, the contents of your home and other personal belongings owned by you or family members who live with you will be covered under the homeowners insurance policy in an amount equal to 50% of the limit of liability carried on your dwelling. However, high valued personal property such as jewelry and cameras should be listed on the policy so that you are adequately protected to avoid the possibility of these items not being fully covered at the time of loss. Homeowners Insurance - Additional Living ExpensesMost homeowners insurance policies provide for the necessary increase in expenses you incur if your home is damaged by an insured event and you cannot live there while repairs are being made or if you are denied access to your home by government order. The coverage is generally subject to duration limits and commonly covers any expense incurred by you so that your household can maintain its normal standard of living. In some instances, this coverage may include the costs of a motel, eating in a restaurant, or storing some of your property.Homeowners Insurance - Personal LiabilityHomeowners Insurance Personal Liability Coverage protects you and all family members who live with you against a claim or lawsuit resulting from (non-auto and non-business) bodily injury or property damage to others and for which you become legally obligated to pay. Defense costs are included, but the homeowners insurance company has no duty to defend you after the limit of liability on the policy has been exhausted.Homeowners Insurance - Medical PaymentsRegardless of who is at fault, this coverage pays the reasonable expenses for others accidentally injured on your premises or the areas immediately adjoining your property such as sidewalks or alleys. Medical Payments Coverage does not apply to your own injuries or those of family members living with you or injuries arising out of activities involving a business that you operate out of your home, your intentional acts, or arising out of the rental of your premises.HOMEOWNERS INSURANCE TERMSReplacement Cost is the amount necessary to replace or rebuild your home or repair damages with materials of similar kind and quality without deducting for depreciation.Depreciation is the decrease in the home's value since the time it was built because of age or wear and tear. Actual Cash Value usually means the sum of money required at the time of the loss to repair or replace the property destroyed, less an amount for depreciation. Actual Cash Value equals the replacement cost less depreciation. Most standard homeowners insurance policies cover the contents of your home (i.e., personal belongings) on an actual cash value basis, but it is possible to purchase replacement cost. A Peril is a condition which can cause a loss. Three examples are fire, windstorm, and theft. COMPARISON SHOP FOR HOMEOWNERS INSURANCEPrices for homeowners insurance can vary by hundreds of dollars, so it pays to shop around. You can compare hundreds of homeowners insurance companies' rates right here on the internet.The homeowners insurance company you select should offer both fair prices and excellent service. Quality service may cost a bit more, but provides added conveniences, so compare a number of insurers to get a feeling for the quality of their service. Check for any special discount programs they might offer to lower your costs. Get at least three or four competitor's price quotes.
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2007/11/27