Newco Insurance recently launched a comprehensive home insurance guide that is tailored just for you, the new homebuyer. In this first article of the series, you will learn what home insurance covers, the different types of coverage and the types of policies available to you.
From the source: Homeowners insurance covers losses due to certain perils, which are outlined in your policy. It may pay a portion of the cost for repairing or rebuilding your damaged home, temporary shelter if your home is uninhabitable, and damage to your home’s contents and your personal belongings that are damaged or stolen. It may also cover medical expenses of injured guests, damage to another person’s property, and legal and court fees if you are found liable.
Losses are only covered if they are caused by perils in your policies; however, additional types of coverage are available to fit personal needs. Coverage is only available if the losses are unintentional.
Types of Coverage in Home Insurance:
- Other Structures
- Personal Property
- Loss of Use
- Personal Liability
- Medical Payments