Home insurance, otherwise called homeowners insurance, is a must have for every homeowner and not the luxury several people think of it as. As a house owner, you should have one. Nowadays, mortgage companies require having home insurance before financing a home real estate property or giving a loan. Even if your apartment is a rented one, it is advisable to have one. Some landlords also make it a prerequisite.
Homeowners insurance covers damages that may occur to your house: interior, exterior, and even damage to properties. It also covers damages due to fire hazards, accidents, vandalism, theft, and loss of properties. Natural disasters like hurricanes, lightning, floods, and even earthquakes may be covered in some insurance policies. However, you should contact your insurer to know what they offer and read the contract properly to understand what their different policies cover.
In cases of damages to your house that your insurance policy covers, your insurer takes care of home repairs, even up to rebuilding of your home depending on the extent of damage. Repairs due to natural disasters and poor house maintenance are mostly not covered in most common insurance policies. There are different insurance policies, and different products available to cater for different needs. You can always find one that fits your current financial standing and build from there. It is usually advisable to check up to five companies and compare their policies to find the one that works best for you.
