Some people wonder why home insurance is needed. Here are a few reasons behind this:
Condominium or condo coverage provides covers for:
Also called renter’s insurance, this pays for:
In most cases, this policy provides cover for you and your family. You should get the exact details on this aspect from your insurer.
Also, get complete clarity on the type of settlement you can expect if you make a claim.
For your home, you may need a combination of two types of coverage.
This protects you in case of loss or damage to your home/personal possessions and your car.
This protects you against any legal liability for losses caused due to injury to other people or damage to others’ property.
An extensive range of home insurance policies is offered by insurance companies, all with different levels of coverage against risks and damages.
Also called a special or all-perils policy, this one provides the maximum coverage, including all risks to your home and its contents.
Also called a basic or perils policy, this one provides cover for the risks to your home and all the contents named in your policy.
Also called a broad-form policy, this one is a kind of go-between the comprehensive and standard policies.
This one offers the least possible coverage, mostly for homes that don’t meet the usual insurance standards.
When you make a claim, the insurance company will review it and then decide how to settle it. There are two ways of doing this:
In this, you receive the cost of the item when it is new. However, depreciation is deducted from this amount.
In this, you receive the actual cost to replace a destroyed or damaged item.
If you have a mortgage, in almost all cases, your home insurance policy will include a loss payee clause.
This clause names your lender as the beneficiary.
In case you make a claim, the insurance company may give the amount to you or your lender. This decision is completely up to the company.
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