Homeowner’s insurance provides coverage for damage to your home from a number of perils or hazards, including such things as fire, water damage from broken pipes, damage from a tree falling or wind damage. But it also can provide coverage for loss or damage of personal property such as furniture, electronic devices and even your clothes.
A third aspect of homeowner’s insurance is personal liability coverage. This simply means if someone is injured on your property and you are held legally liable for the injury, the insurance company provides coverage to pay the amount of the judgment. Or it might be a case of you damaging property belonging to your neighbors; your homeowner’s policy would cover that as well.
Liability coverage is vitally important to protecting your assets and providing peace of mind. Judgments in the hundreds of thousands of dollars are not uncommon for personal injuries. Without insurance, you would have to liquidate your assets and/or assign a portion of your wages to cover the amount of the judgment. This could be a financial nightmare that goes on for years.
Some of these places include:
The National Association of Insurance Commissioners – The NAIC has a website at – naic.org where you can select your state and be redirected to your state’s Department of Insurance website. Your state’s website will have a lot of information about any insurance providers operating in your state. The information will include things like a list of licensed agents and any complaints that may have been filed against the company.
It is also responsible for the damages or accidents that could happen to other people’s properties and themselves if these take place in your area. If you are being sued for an accident, then the best renters insurance will help you with the coast of the legal fees. Sometimes, they will even cover the entire amount. You wouldn’t have to pay anything.
Circumstances change and you need to review your homeowner’s policy at least annually to make certain you continue to be adequately covered. During times when home values are going up, you may need to adjust your coverage to make sure it still covers the cost to rebuild your home at today’s prices. You may find that you have acquired significant personal property since you moved in to your home. You may want to increase the amount of that coverage as well.
Resource Author Francisco Rodriguez Higueras
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