Home Owner Insurance Garden Nursery Landscaping Guide
Home Owner Insurance To Cover Your Most Important Assets
By James R Blunt
Before signing the final paperwork on a new home, it’s especially
important that you look over the ownership information. This document
will reveal what repairs and maintenance has been done, whether
your home is on swampland or not, how many owners there have been
and whether everything is up to code or not.
Most home owner insurance will not cover damage from faulty craftsmanship,
faulty zoning, earthquakes, landslides, flooding or upgrades to
bring a building to code. While you may still want the house even
if it doesn’t meet the standards just yet, you will likely need
more comprehensive insurance than the basic policy.
The Broad Risk Policy
When you’re looking for home owner’s insurance, your primary
concerns should be review your options and knowing what’s covered
and what’s not covered. The most popular type of policy is the
HO-3 "broad-risk" policy.
Generally, this policy covers everything except the following:
demolition or construction mandates, shockwaves, sinkholes, landslides,
mudflows, floods, sewer back-ups, water damage, power failure,
neglect, civil war, nuclear hazards, intentional loss, government
seizure and loss from faulty repair, construction or zoning.
Look For Additional Options
Sometimes home owners can purchase additional options in their
coverage but it’s important that you know the risks associated
with the geographic area when you’re looking at houses for sale.
There are many things home owner insurance does not cover that
you may not know. For instance, if your building is determined
out of code and needs an upgrade or repair, then your insurance
will not cover this.
Look Out For Exemptions
Insurance policies do not automatically cover damage from flooding
or backed up sewers, so you will need to purchase the separate
coverage if you live near low plain, swamp or beach real estate
where water damage is a real possibility. You’re also not covered
if a company dumps pollutants into a stream running through your
property, so be prepared for a court battle.
If a prison or shopping mall is built on your block, dropping
your property value, you will not be insured. If a power outage
causes a surge that wrecks your computer and other electronics,
you will have no protection so it’s a good idea to plug everything
into a surge protector. You’re also not protected if you run a
business from home, as you will need separate business insurance.
There are a number of ways to save money on your home owner insurance.
For instance, shopping around can save you thousands. Also, you
may wish to increase your deductible (the amount you agree to
pay if damage occurs) and save your home owner’s coverage for
an extremely expensive crisis.
Discounts For Multiple Coverage
You may also decide to only insure the structure and the value
of its contents. Some insurers offer discounts if you buy your
home owner’s, business, life and car insurance through their company.
Newer homes may get lower insurance rates, as can homes with smoke
detectors, security systems and dead bolts.
Some companies offer reduced rates for ex or nonsmokers, for
people over 55 or for members of colleges, credit unions or business
associations. There are certain risks associated with home ownership,
but being insured can minimize these risks greatly.
About the Author:
James R Blunt has written a number of articles on real estate, house plans,
architecture and home improvement including
Bathroom Tile Designs,
Interior Design,
Traditional House Plans,
Design Development,
Architectural Services,
Architecture.
Keep a lookout for more of his articles on this website.
Little Known Home Owner Facts....
As a potential home owner you have a lot of choices that you
have to make. You have to decide if you are going to build or
if you are going to buy a home. You have to decide whether or
not you are going to make your home more environmentally friendly.
Last, but certainly not least, you have to make important decisions
on the type of loan you are going to need. It can all be confusing
if you do not have the right resources to turn too.
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