What is Homeowners Insurance?

Posted in Home Insurance

August 6th, 2009

When buying a home, it is important that you as the owner purchase homeowners insurance as a form of financial protection. Because of the number of ways that a house can be damaged throughout ownership, purchasing this type of coverage protects you from overwhelming financial responsibility.

The Basics of Homeowners Insurance

So you’re in the process of buying a home and are interested in just what you need to know about homeowners insurance. This type of coverage is considered a package policy. This means that it will cover any damages to your property, as well as any liability or legal responsibility associated with injuries caused to other people and even household pets.

It’s good to know that there are some exceptions to what is covered with this type of policy. For example, earthquakes and floods are not covered, and neither are damages caused by poor maintenance. If you want coverage for earthquakes and floods, you have to take out separate policies. And if you want financial protection for maintenance, you’ll have to dig in your own pockets.

Get a Free Home Insurance Quote

If purchasing homeowners insurance is now on your agenda, you’ll be happy to know that many websites offer free home insurance quotes and additional policy information before you have to sign on the dotted line. Just about any site that you visit will ask for specific details to help them offer an accurate quote. Here are a few details that they may ask for:

Purchase price
Age of your home
Type of construction (vinyl siding, frame, brick)
Age and condition of homes systems (heating, electric, roof, etc.)
Distance from fire department
Distance from nearest hydrant
Security features (smoke detectors, extinguishers, deadbolt locks)

There is no doubt that buying a home can bring with it a lot of “to-dos” and purchasing homeowners insurance is one of them. However, checking this item off of your list can save you tons in the long-run.