To most Americans, the family residence is possibly the single largest asset they own. Any damages or loss to that property can cause an immense financial setback and emotional distress. Home insurance is a financial instrument designed to recompense you for damages to your residence in the event of a number of hazards and situations. A home insurance typically provides coverage against the following:
Structural damage to your home
Compensation for structural damage usually protects against damages sustained to the structure of the house from natural causes such as wind, hail, fire, smoke and lightening. Acts of God such as earthquakes and flood are in most cases excluded from the coverage. Damage from mold can also be covered but to a ceiling limit (eg for the amount of $10,000). Theft damage can be incorporated into the insurance. Every homeowner should buy the necessary home insurance suitable to them. For those homeowners who live in zones that are prone to natural disasters like tornados, earthquakes and floods, additional policies can be tailor made to suit the needs of the homeowner.
Loss of personal property
Personal property such as clothes, belongings, furniture and other contents of your residence are also insured in a typical home insurance policy. Personal property constitutes much of the value of your property. Before purchasing insurance the homeowner should make an inventory of all personal property inside the home and keep that list in a safe place away from the home. This is required if and when you need to make a claim. For those homeowners with valuable works of art and jewelry collections, additional coverage should be bought to cover these valuables. You can claim for losses in case of theft or natural disasters, fire etc. Before purchasing insurance, you can decide how much coverage you require and what natural and unnatural events you want your belongings to be insured for. Insurance can be purchased for items such as furs, firearms, silverware etc. beside jewelry and fine art.
Loss of use or temporary living expenses
Should your house become uninhabitable due to some covered loss or damage, loss of use insurance pays for alternate living arrangements till you are able to relocate to your house. For example, if your home has sustained fire damage, your temporary living costs at a hotel will be paid for by your policy till you return to your property after restoration.
Personal liability coverage
This type of coverage pays for medical expenses and other harm caused by you to other people. Damage to their property by you is also covered by the personal liability coverage.
To cover risk and protect a valuable asset, you must purchase some level of home insurance. Canton, MI residents can find the right policies from experienced firms in the area.
Home Insurance Canton, MI – If you are looking for home insurance, Canton, MI homeowners can find the right policy at America One Michigan Group. Call (734) 459-9797.
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