There are, of course, some things that you should consider when buying or renting a house. You have to consider if you are financially ready for it. You should also consider what are the pros and cons of both buying and renting a house. Here are things to consider between buying or renting a house. You should also consider getting home insurance coverage for your house to have both your home and family safe.
Homeowners Insurance
Homeowners insurance or home insurance is a kind of property insurance policy that offers coverage for a private residence. This kind of policy will usually cover losses and damages to your personal residence including your personal belongings such as furniture and other important assets in your home. Homeowners' insurance may also provide you liability coverage against different kinds of accidents that may happen within the property of your home. Most mortgage lenders will require you to get homeowners insurance policy.
Why do I need Home Insurance?
Home insurance protects one of your important investments which is your home. Aside from your personal properties, home insurance will also cover the accidents that may happen in your home. Most mortgage lenders will ask you to avail of homeowners insurance.
Who should carry Home Insurance?
First-time home buyers
Current homeowners
What does Home Insurance cover?
Property damage - Most policies cover different kinds of damages to your home such as fire, wind, hail, water damage
Personal property - This would also protect your personal belongings such as furniture, appliances, clothing, and dishes (in some cases).
Jewelry - Yes, your home insurance will also cover your jewelry but for a limited value; 500 USD - 2,000 USD. However, you will need special coverage for engagement rings, wedding bands, and diamond bracelets.
What does not Home Insurance cover?
Of course, not all are covered by home insurance. Some of these are earthquakes, flooding to the natural rising of water, maintenance due to termites and insect damages and also rodents, general wear and tear, and nuclear hazard.
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