|Property insurance - general|
If you own your own home, it is important to insure not only the right but also the entire personal property, which is in him.
The first thing to consider when choosing home insurance, this is what you want to protect. If you rent, not own your own home or condominium, renters insurance should be sufficient. Such insurance will protect your furniture and other personal property, but does not protect the house itself. If you have your own house, it is important to insure not only the property itself, but also the property itself. If your property is mortgaged, the mortgage holder will offer to support homeowner insurance on the property and use it as a holder of a pledge. The holder of the mortgage may insure the property from the property owner, who is not able to provide the necessary insurance.
When the property was originally insured, it is important to have insurance for its current value. Insurance agent or insurance company should be notified in the event of significant changes made to the insured property, which increase the value, and therefore the cost of repair or replacement of property. Structures that are not attached to the house, such as a detached garage and storage areas, should also be listed, the contract of insurance.
For maximum protection, insurance should be based on replacement value, not on the basis of actual cash value. The replacement cost includes the value that can be replaced by the insured property in a similar adapted under the same conditions and not particularly in quality and materials to be used for the same purpose. The term "replacement cost" should be defined in the insurance policy, so it is important to review the actual policy language of the insurance company. The term "actual cash value" is usually not defined in the policies of the company, and can be replaced by other different interpretations. This term is often interpreted as the value that can be exchanged for property damage, a new similar type and quality, but much lower values. When the insurance is based on the actual cash value, the insurance proceeds are not likely to be sufficient to completely restore or replace property. Insurance replacement cost will generally cover the full repair and / or replacement.
Insuring a home, it is important to disclose any use of the house, which is not just residential. Some insurance policies will not cover independent structures that are used wholly or partly for business purposes. Thus, self-parking garage that has been converted to be used as a commercial studio, will generally not insured, if the use is not disclosed, and insurance especially lightly.
Providing home insurance, you need to pay attention to the insurability of the content. While home insurance usually covers money, jewelry, guns and property stored within the limits of compensation available for loss or damage to such property is strictly limited. If expensive jewelry, a large collection of firearms or any other items of significant value stored in the insurable property, it is the essential point, and it must be disclosed to the insurance company. If so, then the insurance agent to insure the property for its actual value. The assessment may be needed to establish the value to be transferred directly into the contract. Typically charge premium for this extra insurance, but it is usually minimal compared to the total given by insurance.
Because certain types of attacks damage are common, so all the more costly to insurers, insurance companies are increasingly adding exceptions to their policies. Mold damage houses - an example of such an exception. Therefore, it is important to view the insurance policy or consult on each item of its content with your insurance agent to make sure that the property is properly protected. In some cases, you can buy an excluded coverage for an additional fee.
Property insurance, secured homeowner policies typically accompanied by liability insurance. Liability insurance does not protect the house and its contents, but rather protects the homeowner if he sued. This insurance provides protection against claims for damage to person or property damage caused, an accident. For example, the insurance company would normally be obliged to protect the homeowner is sued for injury to a visitor slips and falls in the insured home, as well as the payment of any damages granted against the homeowner. Additional liability insurance, title insurance injury may also offer an additional cost. This insurance applies to violations that result in injury but injuries such damages resulting from defamation or libel.
Regardless of the type of insurance purchased, you need to carefully review your contract, you need to know exactly what the company's policy. The contract obligates the homeowner to quickly notify the insurer of the damaged property, or the occurrence of an accident within the insurable property, which may lead to bringing the homeowner responsible. Also in the contract establishes an obligation to the homeowner - to comply with all of its items. Refusal to comply with terms of the contract may allow the insurance company to refuse to compensate the damage that would otherwise be covered.