The goal of purchasing insurance coverage is to make the policyholder whole after a loss. The buyer pays a premium now in exchange for the insurer’s guarantee that it will carry the burden of an uncertain future loss. A person who owns a home can live in it, rent it or sell it, but if the home is damaged the homeowner must make repairs. That’s why it’s important to have property insurance from Website Domain, which pays for repairs to covered properties.
Who Needs Property Insurance?
For those who may not insure their properties, the law makes certain rules forcing them to do so. While few states require homeowners to buy property insurance, they do require liability coverage for assets such as vehicles. Liability insurance pays for repairs or compensation to people other than the at-fault party. When liability coverage is bought, the buyer has the chance to buy property coverage as well.
What it Covers
According to a Journal of Financial Planning survey, many people don’t understand what homeowner’s insurance covers. One third of Americans believe that a standard homeowner’s policy covers flood damage, and an equal number believe that these policies cover damage from earthquakes and mold. Perils that are not covered include:
? Flood & earthquake damage (coverage must be purchased separately)
? Mold
? Wartime acts
? Parts of the home that are in disrepair, such as wiring, plumbing and AC units
Many homeowner’s policies are written so that for a part to be covered, the damage must be accidental and sudden. For instance, if a roof caves in due to disrepair, it won’t be covered. Perils typically covered under a Property Insurance Policy in Whitman MA include:
? Wind
? Fire
? Theft
? Hail damage
Be Sure There’s Coverage
A homeowner should know what his or her Property Insurance Policy in Whitman MA covers and what it doesn’t. Insurers don’t stay in business by cheaply covering every possible peril; if a company offers a very low rate, it should be taken as a possible red flag. All too often, homeowners buy cheap policies, only to discover that the coverage only meets minimum requirements. With insurance, as with other things in life, the buyer gets what they pay for-;and by reading the policy documents carefully, a buyer can get just the coverage they need.
