Home Insurance

A recent market survey conducted by InsuranceQuotes.com says that majority of US citizens who rent either a home or a condo, don’t avail renter’s insurance. One of the prime reasons behind this is that most people believe that their landlords’ coverage are going to protect them too, which is absolutely false.

Feb 15, 2013 saw an asteroid hitting the Earth with the debris striking parts of Russia and posing risks to lives and personal properties in the area. Does that make you sit up and consider what’s going to happen if you’re subject to the next celestial grudge? Though such situations are very rare, there’s nothing to lose your sleep about. The standard insurance policies offer coverage for damages to your home, car or property, if ever you’re hit by asteroids, meteors, falling satellites and other similar space junks.

Insuring your home might not be mandatory as auto insurance is or as health insurance is going to be from 2014. Yet, every homeowner knows how safe it is to have insurance protection for their dwellings. However, if you don’t intend to live in the home that you want to be covered, the insurers might take a step back.

Insurance is one of the most important part of our daily lives. It provides you with a safety net wherein your most important assets are protected against accidents and disasters. Most people usually consider buying insurance to gain additional security to cover for major life events like birth, death, marriage or substantial debt purchases. Insurance itself is a complicated product and people end up making certain critical mistakes while purchasing coverage. Moreover, people don’t realize they need insurance until its too late.

Most people think of insurance as a luxury. In reality, insurance is an absolute necessity. Home insurance is one of the most essential components for safeguarding your home. Mortgage companies won’t sanction a loan or agree to finance your home unless you can provide proof of coverage on the property you plan to purchase.

A recent survey established that the average number of household accidents per year resulting in property damage is around 21,000 per 100,000 homes. In most cases the damage has rendered the homes uninhabitable or irreparable. At least 30% of these cases reported didn’t have the adequate amount of insurance coverage to recover the losses. Needless to say, it would have made significant difference if these properties were covered under the right policy.

Purchasing insurance is vital to cover losses resulting from unexpected events and accidents. Insurance products are designed to protect you, your family and your personal property. In case of a catastrophic event, the insurance company takes care of all the ensuing costs. Purchasing an insurance policy doesn’t cover each and every one of your losses by default. Never be under that misconception. Insurance companies list certain events and incidents which are not covered by their policy. These specific set of events and incidents are known as exclusions.

A standard homeowners policy is there to protect your dream home from the odds that may cause a harm to it. As a home owner you might have the peace of mind buying a home insurance covering all perils, thinking it’ll cover all calamities. But the real story is very different. There are always several exclusions that exist in every home insurance policy.

It's a painful experience for anyone of us if our house goes down wasting our life long efforts to build it. Catastrophic floods, storms and fires may cause such damages and destroy our family's future. Even though most of these disasters are "Acts of God",  we can certainly prepare ourselves for such unforeseen events. A few good steps might just save us from losses both in terms of lives and property.