Homeowners insurance: Whats covered, whats not, and what to look


Homeowners insurance: Whats covered, whats not, and what to look for

Individuals planning on purchasing a home spend weeks if not months picking the perfect neighborhood, floor plan, and then home before they even consider purchase. In a similar way, buyers will shop around and compare the interest rates offered them on mortgages. Yet, when it comes to homeowners insurance, the norm is to still simply to defer the decision-making to the agent. But just as you wouldnt consider purchasing your home without first researching and planning, so also should homeowners insurance buyers consider the major options available when it comes to buying a homeowners policy.

In its simplest form, homeowners insurance is an agreement between you, the homeowner, and an insurance company, that in exchange for you making monthly payments, they will compensate you for any significant damage that affects your home. This at least was the form of original homeowners policies. Todays policies are more complex, both covering, and excluding a wide range of situations.

Broadly, a homeowners policy covers four major areas of liability. These include:

1.Coverage for the...


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