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Homeowner Basics: Exploring your Home Insurance Options

As a homeowner, you have a lot of decisions to make. One of the most important is choosing the right insurance to protect you and your finances in case the unexpected occurs. While understanding insurance in general may be a bit difficult, some basic research can help you better understand the options you have for your home.

Basics of Structure Coverage

The main purpose of homeowner’s insurance is to pay to repair or replace your home if it is destroyed or damaged. In many areas, the policy is created to cover the full replacement cost of the home, while the other option is when the policy covers the purchase price or assessed value of your house. Talking with your agent will help you understand which of these types will work best for you.

Possession Coverage

Another type of coverage included in most homeowner’s insurance plans is possession coverage. This helps cover the value of the property in your home in case it is damaged, stolen or otherwise lost. With this type of coverage, you are responsible for keeping track of the valuable items in your home. If you have possessions outside the norm, you may need to compare plans to find one that covers your belongings.


Another part of most homeowners insurance policies is liability coverage. This would cover medical expenses and related legal fees if someone were hurt while they are on your property. It may also repair or replace a person’s property if it was damaged while they were visiting you. This is especially important if you have certain risk factors such as owning a swimming pool or even a family dog.

Types of Policies

While there are dozens of different types of policies, working with an agent will help you choose the right one for you. For instance, did you know there are special policies for condominiums? Additionally, depending on the area in which you are located, you may need special coverage if you are in an area that is susceptible to flooding or earthquakes. Another special coverage type is for those who use their home as a business.

As you can see, there are many things that you must keep in mind when looking at insurance plans. In addition to getting the best possible coverage, you also want to find rates that will not break your budget. In fact, the comparative tool on this website will be able to run comparative scans and get quotes from a number of different insurance carriers. Then, you will be able to compare plans and prices without having to go to each carrier individually. This type of service will help you make the right decision on your homeowner’s insurance coverage.

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