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What is a standard homeowner's insurance policy?



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A standard homeowner's insurance policy contains four necessary kinds of insurance coverage. The four necessary types of coverage consist of home, personal belongings, liability protection, and necessary living expenses in the time a person is unable to live in their home because of insured disaster.


Homeowner’s insurance policies are made to offer protection for financial cover in the tragic time of damage to your home, such as a fire or water damage. These types of coverage are often a homeowner's top interest, but the majority of policies don't stop there.


Your homeowner’s policy will also secure your personal property, such as furniture that is destroyed as the outcome of a fire, or theft of electronic or other valuable equipment. Also, you will be insured for liability as a homeowner, such as a visitor slipping on an icy step and getting injured.


The home structure section of your insurance policy covers to fix or rebuild your home if it is damaged or destroyed by hail, lightning, fire, hurricane or many other natural disasters found in your home insurance policy. Unfortunately, it does not cover any destruction caused by an earthquake, flood, or normal wear and tear on a home.


When you acquire your home insurance coverage for the structure of your house, it is vital to purchase enough to repair or rebuild your home in the event of the unthinkable. Your items such as your clothes, furniture, electronic equipment, and any other personal belongings are insured if they are robbed, or ruined by a hurricane, tornado, fire or all other insured disasters.


Many insurers give coverage for 50 to 70 percent of the amount of insurance you have on the structure of your house. For example, if you have $100,000 for insurance on the structure of your home, you would acquire anywhere from $50,000 to $70,000 in coverage for your belongings. The easiest way to determine if you have purchased enough coverage is to take a home inventory.


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