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Home Insurance

If you own a home, having home insurance in place is absolutely necessary.  If you don’t have home insurance in place, you could potentially lose a great deal of money or even possibly your home if an accident were to occur. 

Understanding Types of Home Insurance

When it comes to home insurance, there are two major types of insurance you can purchase.  These include:

  • Building Insurance
  • Contents Insurance

As the name implies, building insurance provides the actual structure of your home with protection. Therefore, if your home were to get burned down, damaged from natural occurrence, vandalized, or otherwise harmed in some way, your building insurance would pay to make the necessary repairs.  Your building insurance may cover your home as well as any other structures on your property.  Some of the structures covered by building insurance include:

  • Driveways
  • Garages
  • Hedges
  • Outdoor Hot Tubs
  • Paths
  • Sheds
  • Swimming Pools
  • Walls

Whether or not each of these items is covered will depend upon your individual policy, so it is important to make certain to ask about the types of items covered and to make certain they are included in your policy.

Contents insurance is different from building insurance because it provides your personal belongings with protection.  If you were to be robbed, for example, your contents insurance would pay to replace the items that were stolen.  Or, if your home was to be damaged and your personal belongings were also damaged, the contents insurance would pay to replace the belongings that were damaged in the process.  Some examples of items typically covered by contents insurance include:

  • Bikes
  • Clothes
  • Electrical Equipment
  • Furniture
  • Glass Furniture Tops
  • Mirrors

Basically, anything that is not permanently affixed to your home is covered by contents insurance.

What Is and Is Not Covered By Home Insurance

The exact things that are covered by your home insurance will depend upon your policy.  In most cases, however, building insurance will provide you with compensation if your home is damaged in any of these situations:

  • Bad weather
  • Damage from burglary or attempted burglary
  • Fire
  • Manmade disasters, including explosion, riot and vandalism
  • Natural disaster

It is important to check your policy in order to make certain you have the proper coverage in place and to make certain your home is protected against every possible disaster.

Why Carry Home Insurance

If you had to take out a loan in order to purchase your home, your lender will require you to carry home insurance.  In fact, before you will even receive your mortgage loan, you have to provide proof that you have insurance coverage in place. 

Even if you do not owe money to a lending institution, it is still a good idea to carry home insurance.  After all, how would you afford to repair or replace your home if serious damage were to occur?  What would you do if your entire home and all of its contents were to suddenly be lost in a fire?  With home insurance in place, you can be certain you are financially protected when disaster occurs.

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