Insuring Your Home Banks and mortgage lenders often require homeowners to purchase and pay for insurance along with the mortgage payments. A homeowner's insurance policy provides the protections in the event that your home or property is damaged, and can also help if someone is injured on your property. Given the wide variety of claims that homeowners can make under their insurance policy, navigating the claim process can be complicated. FindLaw's Insuring Your Home section covers legal and practical information about insuring your home, in addition to suggestions for how to file a claim with your insurer. Reasons to Purchase Homeowner's Insurance Even if you're feeling overwhelmed by all...
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When Hurricane Michael hit the Florida Gulf Coast as a Category 5 storm in 2018, it caused over $25 billion in damage — almost $5 million at Tyndall Air Force Base. But it ended up being more than a natural disaster for some homeowners. Many thought their standard home insurance policies would cover damage from the storm. They were in for a rude awakening. Homeowners policies may have exclusions or limitations for damages due to certain weather conditions like wind or hail. Flooding is also typically excluded, which can limit coverage for damage from heavy rains and storm surge. Sadly, it seems many residents were not aware of the financial risks they faced — even if they knew...
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Reviewing the countless types of insurance available during the homebuying process can be overwhelming. You already have so much to do to close on your dream home, do you really have to jump through more hoops? Well, yes. No sensible car owner would drive without insurance, so it figures that no would-be homeowner should be without insurance, either! From title insurance to homeowner's insurance, the essential idea behind various forms of real estate insurance is to protect owners in the event of a catastrophe. If something goes wrong, insurance can be the bargain of a lifetime. So what do you need, and how much is all this insurance going to cost you? Here's what types of insurance you...
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For most people, their home is their biggest investment, as well as it is the roof over you and your family’s head – two big reasons you want to protect it and all that’s inside. Choosing the right insurance coverage is important in order to make sure that what you need to be covered is covered, and at the right amount, so that if anything should happen, you are properly and fairly compensated so that you can make the right repairs or have the items replaced. Before you choose a home insurance company or coverage plans, there are things every homeowner should know. So here’s what you need to know about homeowner’s insurance. Coverage for the structure of your...
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What Does a Home Insurance Policy Cover? You already have liability and collision insurance for your car, pay for a decent health insurance plan, and have just purchased a life insurance plan for your children. You feel a little tapped-out, but you also will want to you consider your home insurance options if you've recently purchased a home. While home insurance policies typically cover damage from fire, certain natural disasters, or damage caused by others, they also can prevent costly lawsuits due to the various liabilities that homeowners assume. For instance, a policy would help shield you from the costs associated with a lawsuit if your new neighbor slipped and fell on your icy...
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Homeowners insurance is the most important step you can take to protect your home and belongings. Unlike car insurance, you don’t legally need a policy to buy a home, but smart homeowners know the importance of insurance. Additionally, if you financed your home, your lien holder will require homeowners insurance. While trying to shop for the best policy you may ask, “what is homeowners insurance?” Lighthouse is here to help break it down. For most, a home is one of their biggest, if not the largest, investment they’ll ever make. The walls and roof protect their most treasured items and memories. However, life happens, and all too often being able to afford to fix the damages from a hail...
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Great insurance policies help homeowners sleep better at night. If something bad happens, at least you can call your insurance company, right? Unfortunately, not being careful with your homeowners insurance claims could turn a real-life disaster into a financial catastrophe. Submit too many claims? Your premiums might rise. Submit the wrong claim? Again, your premiums might rise—and you'll still have to cover the cost of the damage. Truth be told, homeowners insurance isn't as simple as "Submit claim, get paid." To save money in the long run, you need to think carefully about whether you want to file that claim. Here are five scenarios that might end up costing you. 1. When the cost is...
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Homeowners insurance will protect you if your home is damaged by a storm, fire, theft or vandalism, or if an accident results in injuries. Your coverage and rates are based on the value of your home and its contents and the level of risk, but those variables can change over time. You should periodically review your homeowners insurance policy to make sure you have the right coverage. If your insurance renewal date is approaching, you should receive a letter detailing your current coverage limits and future premiums. Before you agree to the terms, review the document and figure out if your existing coverage is still adequate for your needs. If the company has made changes to its policies,...
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What Exactly Does Homeowners Insurance Cover? What does homeowners insurance cover? A typical homeowners insurance policy will help you cover the following: The structure of your home itself and any structure connected to it (i.e. garage or cellar) Structures unattached to your home yet still on your property (i.e. shed, guest house, outdoor bar) Personal belongings that were damaged inside the structures of your property such as furniture, electronics, or appliances Loss of use, in other words, the additional housing and living expenses you will need if your home becomes uninhabitable from covered damages Liability coverage in the event that a guest sustains an injury on your property...
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One of the scariest things about buying a home—besides the fact that it’s probably the most money you’ve spent in your life—is the uncertainty. And even homeowners insurance, the thing that’s supposed to give you peace of mind, has its own set of quandaries. To make the process just a little bit easier, we asked insurance companies what questions homeowners should be asking their agents, but aren’t. Whether you’re a first-time buyer or a long-time owner in need of an insurance review, make sure you get the answers to these queries. Do I have enough coverage to rebuild my home from the ground up? Agencies agree that your policy should allow you to completely rebuild your home. “We recommend...
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