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After purchasing a house, the homeowners will also need to purchase a homeowner's insurance policy. The purpose of the homeowner's policy is to repair the damages that occur when there is a flood, for example. The house may also be completely destroyed if there is a fire. A good homeowner's policy will pay to rebuild the house in case of these circumstances.
Homeowner's policies typically cover damage that occurs due to fire, lightning, hail and wind. Flooding is commonly not covered under the standard homeowner's insurance policies. Earthquakes also may be the type of peril that isn't covered under these policies. If homeowners live in an area where these disasters are likely to occur, they may purchase extra coverage that specifically names these perils as covered under their policies.
Homeowners have a choice as to how they would like to be paid after their homes have been destroyed by one the perils listed above. They may receive the amount of money that the house was worth at the time it was destroyed. What will make the policy more costly would be the other option; homeowners can choose to receive the full amount it would require to rebuild the house completely as it was before it was destroyed by fire. This may be the more advantageous option for homeowners.
When a house is completely destroyed by a disaster such as a fire, everything within it will also need to be replaced. Furniture, clothes and personal items will be unsalvageable. The homeowner's insurance policy will pay to repair or rebuild the house as well as replace everything that was in the house.
The other part of a homeowner's insurance policy is liability coverage. Liability coverage is needed in the event that an accident occurs on the property. For example, guests to the home could experience an accident on the homeowners' property and sue the homeowners for payment of their medical bills. The liability coverage will pay the homeowners' legal bills. If the other party wins the lawsuit, the liability coverage will also pay what is ordered of the homeowners.
Part of the cost of a house is the homeowner's insurance policy. People who purchase a house cannot be without it. Homeowners who resist purchasing homeowner's insurance will be very happy they have if there is ever a fire that completely destroys their homes. Their lives will be temporarily disrupted but with a good homeowner's insurance policy, they will be able to put their lives back together one day.
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Does your insurance premium go up because someone hit your parked car with a pedal bike?
Rather than turn in a claim to your auto insurance, why not just go after the owner of the bicycle? Let their homeowners insurance cover the loss then you don't even have to worry about your auto insurance rates.
What sort of liability insurance is needed if you operate tanning beds in your salonDo I have to worry about lawsuits?
You will need liability insurance and property insurance. Most insurance companies customize your liability insurance. If your insurance covers everything you will not have to worry about lawsuits just make sure there are no loop holes in your policy.
Engagement ring insurance?
Make a insurance on diamond ring is the necessary things for being worry less about the safety for costly rings. Recently I did a insurance on my diamond ring that purchased online from an online store as jewelrybyraphael.com There are a few ways to insure your engagement ring. Ring insurance can be purchased as an extension (also called a "rider") for your renters' or homeowners' policy. Renters' and homeowners' policies cover the stuff in your home, but only up to a certain dollar value: Expensive, special items like engagement rings, art, and electronics are guaranteed through scheduled personal property coverage -- an insurance policy extension that covers particular items. Another option is to insure your ring through a company that specializes in jewelry insurance, which might offer more coverage than a standard homeowners' policy (replacing a lost or stolen ring rather than paying a set amount of cash, for instance).
Who sings the theme song for travelers insurance worry?
Robert pattinson
Will mortgage insurance automatically be canceled if the property goes through foreclosure Can the insurance company make you continue to pay or come after you for money after foreclosure?
I believe this question deals with Mortgage Insurance, not homeowners insurance. After foreclosure the lender will file a claim with the mortgage insurer. The claim is paid and since the mortgage is no longer in force the policy is void and no further claims can be made. Since the policy is no longer in force there are no premiums to be paid. The insurance company will not come after you unless they discover that you obtained the mortgage (thus the insurance also) by fraudulent means. If that is the case they will come after you. Also, any losses that the lender incurred beyond what the insurance paid are still collectible. It will be reported to the credit agencies and they will continue to try to collect from you. Homeowners insurance is one of the peripheral issues that families facing foreclosure must deal with. While it is possible that the county can take the home through a different type of foreclosure for unpaid property taxes, and the mortgage company will be pursuing a lawsuit for the defaulted mortgage contract, there is little the homeowners insurance company will do upon nonpayment. However, this does not mean that property owners have nothing to worry about. There are two most likely scenarios when homeowners begin missing their mortgage payments, and what happens with the insurance will relate to how the premiums are paid. The issue may be handled differently depending on if the owners pay the insurance on their own or if it is paid monthly through the escrow on the mortgage. Most homeowners, though, escrow their property taxes and insurance through their monthly mortgage payment. Typically, when payments are missed on an insurance policy, the coverage will continue for a period of months. If something happens to the house, the owners will be covered by their policy, although the amount they have fallen behind will be deducted from total awarded to them for the accident. However, if numerous payments are missed for longer than just a few months, the policy will lapse and the owners will no longer have any coverage. What may happen at this point is the mortgage company will buy its own homeowners insurance for the house, and they will add the monthly premiums to the amount owed on the loan. If the homeowners want to get back on track with the mortgage, they will have to pay back this extra amount for the forced insurance. Lenders will also not shop around for the best rates, so the monthly cost for the policy may be quite a bit more expensive than the owners were used to. Of course, this should not be an issue at all if the homeowners pay the insurance through their monthly payment to the lender. The bank will keep paying the taxes and insurance to make sure the policy does not lapse, while adding the amount of these missed payments to the total needed to reinstate the loan. Any insurance payments the lender makes will be included in the payoff and foreclosure judgment.
Who sings the song worry in the travelers insurance commercial?
Ray La Montagne
Do you need insurance car for a car inspection?
It doesn't need acar insurance anymore since it is just an inspection, nothing to worry about.
What are the benefits of long term travel insurance?
The benefits of long term travel insurance are that you have good insurance when you traveling around and that gives you great peace of mind to travel and not have to worry.
Is there a cap on what dental insurance will cover?
It completly depends on what type of insurance you have. If you have insurance that covers more and has a lower deductible then this is something that you wont really have to worry about. Really the truth is you get what you pay for.
What are the insurance liabilities of a leak detection service company?
They need to be concerened about Errors & Ommissions. They also need to worry about completed operations insurance.
Where is a good site to compare travel insurance prices?
Travel insurance is about the same no matter who you go with. There are minimum industry standards that allow you to book with any company and not worry about insurance quality.
What is the cheapest available car insurance for disabled drivers in Ohio?
Geico auto insurance and State farm insurance are both strongly recommended insurance policies for you. She will be in the best care with them and you wont have to worry about whether her life is in good hands or not.
