What is Home Owner's Insurance?

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What is Homeowner's Insurance? When people buy a home for the very first time, they find themselves trying to absorb a great deal of knowledge in a very short time, about home ownership and all of its requirements. One of these requirements is home insurance.
     There is a lot to learn about home insurance, and it is important to learn what it is, and what it does and does not cover. This type of insurance is known as term insurance, and it covers a specific amount of time, which is renewed with every payment. What exactly do home insurance policies cover? Most home insurance policies cover the structure of a home, including any sheds or outbuildings against the risk of events such as fire or theft, along with several other unfortunate events, such as lightning, hail, and the weight of accumulated snow. Not all insurance companies will offer coverage on the same events, and the locality of the property being insured is taken into account.
     Most insurance companies exclude flood and earthquake damage in a basic homeowner policy, but some also offer one or both of these as a supplemental policy in certain areas. Other exclusions often include mold, fungus, termites, and dry rot. Aside from the structure, most home insurance companies also offer personal property insurance, for furniture and other belongings. Another kind of home insurance policy is liability insurance. It protects people from financial harm caused by someone being injured either on the property or off the property at the hands of the policyholder. Also, in case a guest in your home is involved in an accident, there is Guest Medical Coverage offered by some policies.
     Home Insurance is required for a mortgage loan, so it is important to spend some time deciding upon the type of policy needed and the best home insurance company to supply it.

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