Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered, but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.
Renters insurance covers a policyholder’s belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her dwelling is repaired. It also can include coverage for property improvements. Possessions can be covered for their replacement cost or the actual cash value that includes depreciation.
Similar to homeowners insurance, dwelling insurance only covers damage to the dwelling itself and other structures on the premises. For an additional premium, coverage can be added for Personal Property, Personal Liability, Rental Value, Additional Living Expenses, and other similar coverage to suit your needs.
Mobile Home Insurance
Mobile home insurance covers a mobile home and adjoining structures from most types of loss. Coverage is offered for a wide array of risks, including but not limited to fire, windstorm damage, damage from falling objects, lightning, explosion, and more. The majority of the time, a standard mobile home policy will not cover your mobile home while it is in transit.
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