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Sunday, March 1, 2009

Home Insurance

From the Hoss's Mouth

For most of us our home is not only a place of comfort and security, but also our largest asset. Today Hoss Cents Free Financial Money Magazine discusses protecting that asset with a home insurance policy.

home insurance

Purchasing homeowner's insurance can be a stressful and intimidating event for those who do not understand the world of insurance. With this in mind, The Hoss has listed below some of the elements of a standard home insurance policy. Please note this list may not contain all the insurance you require, and insurance coverage varies from company to company. To determine what is best for your insurance needs talk to a trusted insurance broker.

  • Dwelling Building: Covers the dwelling and attached structures.
  • Additional Buildings: Private buildings or structures detached from the dwelling and which are on your premises.
  • Personal Property: Covers the contents of your dwelling and other personal property you own, wear or use while on your premises and which are usual to the ownership or maintenance of a dwelling.
  • Loss of Use of Your Dwelling: If your dwelling becomes unfit for living as a result of damage by an insured peril, any necessary increase in living expenses are covered.
  • Personal Liability: Protects against damage or injuries caused by you or your family.
  • Voluntary Medical Payments: If you unintentionally injure another person or if they are accidentally injured while on your premises, reasonable medical expenses are covered.
  • Voluntary Payment for Damage to Property: Covers payment for unintentional direct damage you cause to property.
Please note that damage that is the result of floods, earthquakes and poor home maintenance is generally not covered in a standard home insurance policy and may require separate riders to provide that protection.

The Hoss reminds you that the total dollar amount for each of the above coverages should be clearly shown in your home insurance policy. You should also receive a pamphlet that details all the items covered and not covered by your policy. It is up to you to ensure your broker fully explains the details of your home insurance package. If s/he fails to do this, find another insurance broker.

The Hoss sincerely hopes you never have to make a claim on your home insurance policy, but if you do you will be truly glad you took the time to obtain proper coverage.

Stay on track,

The Hoss

Next Hoss Cents Free Financial Money Magazine Post: March 8, 2009
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