Explaining How to Read Your Homeowners Insurance Policy
b'
How to Read Your Homeowners Insurance Policy
\\n\\nYour home is likely your most valuable asset, and a homeowners insurance policy is an important part of protecting your home and your belongings. If you have a mortgage on your home, your lender probably required you to get an insurance policy that will protect the lender\\u2019s interest. Because it provides such broad coverage including both property, liability and workers\\u2019 compensation coverage for household employees, most homeowners will obtain a homeowners policy if they expect to occupy the property. Even without a mortgage, homeowners insurance is still your best bet to protect your investment in the home and your exposure to liability.
\\nBut do you even know what\\u2019s in your policy? Would you know your coverage in the event of an emergency? Are you underinsured? Are you overinsured?
\\nAbout two-thirds of American homes are underinsured according to estimates by Nationwide Insurance. Some dwellings are underinsured by up to 60 percent. And, CoreLogic, an insurance research firm, says three out of five American homes are underinsured by an average of 20 percent. The homeowner should not wait until it becomes necessary to file a claim to find out whether the homeowner is insured up to the actual cash value of the home or its full replacement cost. If the homeowner, before a loss, determines he or she is underinsured and responsible for paying a lot of money out-of-pocket, the homeowner will contact the insurance agent or broker who obtained the policy on behalf of the insured, to increase the limits to an appropriate amount.
\\nDespite how important it is, many insureds do not take the time to properly review the homeowners policy. To make certain that a homeowners policy provides the coverage needed it is necessary that the homeowner understand the basics of homeowners insurance.
\\nThe basic job of a homeowners policy is to indemnify the insured if the home or its personal property from certain perils, such as wind, hail, fire damage and theft. It also offers liability protection, which protects the insured\\u2019s assets from liability claims, medical expenses and other damages if people are injured on the insured\\u2019s property or as a result of the insured\\u2019s conduct.
\\n\\n--- \\n\\nSupport this podcast: https://podcasters.spotify.com/pod/show/barry-zalma/support'