Homeowner insurance policies are a vital part of owning or even living in a home. Sometimes parts of these policies are mandatory. This is especially true if you have a mortgage on a property; the insurance firm will insist on you having adequate insurance before they lend you the funds. The purpose of this is simply to protect their investment.
However, even if it is not a mandatory requirement it is a good idea to take out cover as it provides protection from a broad range of issues; including injury to third parties. The best policy for your needs should be discussed with a good Milford homeowner insurance firm such as Murphy Insurance Agency which can offer an excellent range of policies covering all the possible connotations you could need:
The obvious starting point for any homeowner policy is the building itself. This is always the responsibility of the property owner and does not apply if you are merely renting the property. Should anyone get injured on your property or by something falling off your property this policy will protect you. This type of claim can be very expensive and you will be glad of the insurance if you ever need it!
Other items which are generally covered are damage from extreme weather such as hail stones or even thunderstorms and tornados. These can do surprising amounts of damage to your property resulting in major building work.
This policy can be included in the property one or purchased separately if you are only renting the property. It is designed to cover the cost of replacing all your furnishings and your valuables. Although it is worth noting that there are limits on the level of cover for individual high value items. The contents policy is usually designed to cover the cost of replacing carpets, floors and even redecorating; alongside the obvious furnishings such as the TV or couch.
There are a variety of additional items to your policy which is designed to protect specific risks. This may be subsidence or flooding; if your home or area has a history of this issue. You may also wish to look at earthquake cover or even individual items of value; such as a very expensive diamond ring. It is worth noting that you must be able to get the jewelry valued as a sentimental ring may not have monetary value or even be replaceable; making it pointless putting it on a specific item type policy.
As a renter you will need to take out your own insurance to cover your belongings within the flat. These policies are similar to contents but provide no cover for damage to the property; they are only interested in replacing your damaged items.
A secondary type of renter policy is designed for the landlord. This is intended to help protect them from tenants that do not pay or damage the property. The policy will specify the checks which are needed to be performed before any tenant can be approved. Providing these are done then the costs will be covered.