What is a Home Owners Insurance?

At its simplest this is a type of non-commercial insurance that covers a home owners residence. In its widest sense it should cover the building itself, the contents it contains against any kind of loss or damage within the territory that the insurance covers, in this case Carlisle PA. Most mortgage provider will insist on full insurance as basic requirement for granting the finance for the mortgage.

Why is A home owners insurance a good idea?

Unlike car insurance, there is no legal requirement to have home owners insurance. However, burglaries unfortunately do occur and if you are not covered you will need to replace your possessions at your own cost. Similarly, in the event of fire or flood damage as well as what would be considered normal wear and tear, you will appreciate new for old replacement for the same goods and possessions. The premium you pay insures you against liability for these losses, which is why home owners insurance in Carlisle PA, or indeed anywhere else is a good idea.

What type of cover is there?

Buildings Insurance which covers the complete rebuild cost of the property, in other words the structure in its entirety. In home owners insurance, the term “structure” includes:

1. The walls and ceilings
2. The Doors, windows and roof
3. The floors
4. The plumbing, which means pipes, drains and tanks
5. Fixtures and fittings, such as kitchens, bathrooms and built in wardrobes.

Your policy should also include outdoor structures, for example garages and sheds. Home owners building insurance should also cover floods, subsidence, vandalism, fire and theft and natural disasters such as falling trees, extreme weather and even earthquakes. As with all insurance the premium is an expression of the level of risk that the insurer attaches to the property.

The second type of cover is called contents insurance and as the name suggests this covers your possessions that are anything which is not covered by the term structure. In other words your personal belongings, such as white goods, audio visual equipment and the DVD’s and CD’s you play in it. It should also cover computers, jewelry and any collections or antiques. It is important that if you have any specialist requirements, such as a coin or stamp collection that does not fall within the remit of a standard policy that you stipulate this in your policy.

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