What is Homeowners Insurance?
As its name suggests, homeowners insurance protects you if your home is damaged or destroyed. In addition, it covers your family's possessions and can provide you with compensation for liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others. By paying insurance premiums, and satisfying the other requirements of your insurance company, you can protect yourself in the event of loss due to unforeseen and/or catastrophic events. You still won't be able to predict when lightning will strike your house, but you will sleep better at night knowing that homeowners insurance can save you from financial ruin if such an event happens.
No two homes are exactly alike. Buying a policy "off the shelf " without a plan can result in a difference between what you need and what you’re paying for. Your homeowner’s policy should reflect the uniqueness of your home and your lifestyle.
Whether you own a house, a condominium or rent an apartment, for most people their home is their most important investment. As a leader of quality protection we have developed one of the most outstanding reputations of offering the highest rated homeowners insurance plans in America today. We believe that an insurance company should do more than pay for financial losses incurred in the home: It should help prevent losses and accidents, and offer policies flexible enough to meet your individual needs. Above all, provide you with the security that comes only from the knowledge that your home is safe.
Why do you need it?
You may need homeowner's insurance because your mortgage lender requires it.
But, even if you own your home outright, you still need homeowners insurance
to protect that which you can't afford to lose. It is really that simple.
You spend years building up a solid financial foundation for you and your
family. All that hard work can go down the drain in a matter of minutes
when, for example, a tornado devastates your house, a burglar robs and
vandalizes your home while you're gone, your dog bites and severely injures
a neighborhood child. There are practically thousands of possible scenarios
that could result in severe financial loss or even the loss of your home.
Homeowner's insurance is designed to help prevent that result, while renters
and owners of condominiums and cooperatives can get coverage using
variations of the same basic insurance tailored to their needs.
When looking for a provider, you should look for the following:
 | Many coverages to protect both you and your property. |
| Responsive and caring Claims service. |
| Property insurance at an affordable price. |
What do you need to know?
Homeowners insurance protects more than just the owner of the house.
Generally, it protects anyone named on the policy, your spouse, residents of
the home (other than renters), household employees, guests and visitors.
The property insurance section of your homeowners policy protects more than just your actual home or dwelling. In most cases, the insurance company should reimburse you for damage or theft affecting your dwelling, any structures attached to the dwelling, structures on your premises that are not attached to the dwelling, personal property, loss of use of your dwelling, and liability if you or another insured are found responsible for personal injury or property damage to another.
There is a wide variety of damages, conditions, and costs that are not covered by standard homeowners insurance. Here are just a few examples:
| the land underneath your home is damaged |
| your claim exceeds your maximum stated coverage amount |
| you have flood damage |
| you have losses related to business activities in your home |
| your liability results from injuries suffered by a tenant |
| your claim is covered by other pre-existing insurance or your claim was caused by someone else who is insured under your party |
To cover yourself against losses such as these, your homeowners policy
can be amended by adding endorsements to your policy. While other coverage,
such as flood insurance, has to be purchased under a separate insurance
program. Still other coverage can be obtained by purchasing a policy that
covers a broader list of perils. The cost of homeowner's insurance will
depend upon the amount of your coverage, any endorsements you add to the
policy, and the deductibles you choose.
How do I get it?
Homeowners insurance policies are written individually, typically at the
time you purchase the home or at the time you take out a mortgage on the
home. Yet this doesn't mean you're not free to change insurance companies or
policies when ever want to.