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What Your Homeowner's Insurance Covers

By Thomas Mitchell

When you buy a home you also have to put insurance on it, which is called homeowners insurance. Homeowners insurance gives you protection financially, in case your home or the contents of it are damaged. It also protects you or a family member from being held liable or legally responsible for any injuries or damage to others property. Most mortgage lenders require home insurance as well. Not every state in America has the same home owner's insurance coverage plans either. There are a wide variety of insurance plans you can choose from ranging from basic coverage to specific types of coverage based on where you live and what your risk factors are.

A standard homeowner's insurance policy will probably cover you in case of hail, fire, windstorms, vandalism, lightning, or theft. Most basic policies will not cover you in the event of an earthquake or a flood, and if you are at high risk of either of those happening you will need a different type of insurance plan.

With a basic insurance coverage plan you will have dwelling coverage that will pay to rebuild or repair your home if it is destroyed by a covered cause of loss. This includes repairs to plumbing, electrical wiring, and heating and air conditioning. You would want enough dwelling coverage to completely cover the cost of rebuilding your home. Other structures like sheds, fences, garages, or cottages will also be covered under a standard homeowner's insurance policy. Another thing your standard insurance policy will cover is damage to or the loss of personal property and items in your home. You may be reimbursed for the full cost of any electronics, clothes, sporting goods, and furniture lost. If you are forced out of your home temporarily by a covered cause of loss, a basic coverage plan will cover the loss of use of your home. It will also pay the cost of additional housing and living while your home is being repaired. Liability insurance is also included in a standard home owner's insurance plan. If you or your family members were responsible for injuries or damage done to others or their property, your assets will be protected and your defense costs covered in case of a lawsuit.

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