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Homeowners Insurance Policy




Without decent insurance coverage, it just takes one accident to end the dream of home ownership. A home is often the biggest purchase a person will ever make, so who would not want to protect such a huge purchase with the right kind of insurance coverage? After all, it's your homeowner’s insurance policy that could literally save you from financial ruin should some disaster strike.


It really is quite this elementary: If you own a home, then you should have insurance. And it is pretty much always mandated by the financial institution that lent you the money to buy it. If you try to avoid purchasing a policy, then your bank or credit union will acquire one for you, whether you like it or not. (Lending institutions would like to protect their investment too.)


Accidents are, unfortunately, common. And a bad storm can rip off your roof, a bust pipe can turn your first floor into a water park or a cat burglar can steal your prized big screen TV. Homeowner insurance will help cover the replacement or repair that is necessary as a result of such unfortunate incidents. 


Practically all insurance policies come with a deductible. This is the money the policyholder first agrees to pay before the insurance kicks in with its coverage. Usually, the higher the deductible, the less one has to pay for a monthly premium. Keep in mind one must be able to actually afford the deductible amount; otherwise a higher premium is a better choice for many. 


Keep in mind also that your policy coverage will usually extend to some natural disasters, but not all of them. Almost across the board, earthquakes, floods, hurricanes and even certain valuables will not be covered with a homeowners’ policy and one would need to purchase separate policies or riders for these things. Be sure to see your insurance professional about what coverage for natural disasters is best suited for you and the area in which you reside. Again, Riders (supplemental coverage) are helpful to secure the value of your valuable items, like priceless jewelry and or antiques. 


As a form “insurance” of their own, it is important to note that many banks will require you to pay them for your insurance premium and will often make it part and parcel to your mortgage payment.