July 10, 2018 rummy 0Comment

Nowadays, people buy insurance for all sorts of things they hold dear. Jewelry, pets, computer equipment and believe it or not, even body parts. It gives one peace of mind and a sense of security to know their possessions are safe. All the more reason why your home should be insured with the best insurance provider you can find. Here a few things you need to know about home insurance and the top providers of 2018.

The first thing you need to know about homeowners insurance is what it covers. One well-known aspect of homeowners insurance is that it covers your dwelling and its contents if there’s a fire or other event that causes damage — or if your stuff is stolen or vandalized. Policies typically cover certain kinds of weather or extreme events like hail, lightning, or damage from wind, but not others. Floods and earthquakes, for example, are often excluded from most base plans. You have to buy additional coverage if you want to protect yourself in case of those events.

When it comes to dwelling and property coverage there are two types. The first is cash value coverage, which only will pay you the amount that your property is currently worth or the depreciated value of the property. The second kind is replacement value coverage, which will give you as much as you need to replace an item at its current market value. Certain types of property or property with values that are over a certain dollar amount can’t be insured in some circumstances. For that reason, you might also need a special insurance rider or include these items in a schedule.

But homeowners insurance doesn’t just help you repair or replace your things, it also provides liability coverage. This covers you against liability if anyone is injured on your property or if you damage their property. It also often covers you in case someone is injured because of your dog. Usually these liability coverage policies have low coverage amounts and offer just $100,000 in total coverage.

After that, different home insurance companies offer different types of additional coverages in their base policies. Some include things like medical payments coverage in the event someone gets injured on your property. It can offer a certain dollar amount to cover medical bills without having to go to court or reach a settlement. There are also home insurance companies that offer things like “loss of use” coverage, which pays for a hotel and food if you can’t return to your home, identity fraud coverage, additional liability coverage, and other types of special riders.

Are you wondering what type of coverage is best for you and what company you should buy it from?

We look at the best homeowners insurance companies to help you decide.

​Here are LendEDU’s best homeowners insurance companies (click a company to read their full review):

​Best Homeowners Insurance Comparison

​There are a lot of home insurance providers out there, you have the freedom to pick one that you find can cater to all your needs.

Reference: https://bit.ly/2zuc8o4​

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Rummy Dhanoa - Broker with New York Real Estate Experts