Homeowners Insurance Policies

Chicago Insurance Advisors

Having your own home is a good investment, but there are risks. Would you be prepared in the case of tragedy? You’re always prepared with homeowners insurance. Homeowner’s insurance covers damage to the home, loss of personal belongings, and liability. This insurance is usually a requirement when financing a home. It is important to understand what home insurance is, and how it works.

It is simple to make a claim on your home insurance. Following a loss that your insurance covers, contact your insurance company and file a claim. They will ask what happened, and ask how much you think the damage is worth. The company will send an insurance adjuster to assess the situation, and see if they agree with the amount you stated. You might have to pay a deductible before receiving money to repair your property.

You also need the right type of coverage to cover the incident. Common types of coverage are HO-1, HO-2, and HO-3. HO-1 and HO-2 is coverage for your home if it is damaged by natural elements, like rain damage. HO-3 covers your home and belongings in the event of a tragedy, so it is highly recommended. It also includes liability protection, which protects a homeowner if a person is hurt on their property.

A homeowner’s policy covers the dwelling, and attached or detached structures (like a garage). A policy might reimburse the current property value, while another might provide replacement cost regardless of depreciation. Most of these policies do not have coverage for flood, hurricanes, or earthquakes.



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