The main benefits attributed to the homeowner insurance policy include protecting the home, providing liability coverage and protecting the personal property.
1. Protecting the home- The goal of the home insurance policy is to protect the home including other structures like the detached garage or the shed. This coverage is the main purpose of the homeowner policy. A small damage to the home has the capacity pull you back financially in case you have not taken up insurance. With a typical home insurance policy, you do not have to be concerned about the unpredictable.
Financial problems generated by random perils and accidents will not get you out of your way. The policy covers the costs of damage as well as the living expenses in the makeshift quarters as you wait for repairs to be made to your house.
2. Liability coverage - In addition to offering insurance to the property, the typical homeowners' insurance policy features specific levels of protection that covers for damage caused outside or inside the home. Unlike the perils that govern the property such as explosions, theft and fire. The trigger for the liability coverage is the personal negligence. Included are medical payments attributed to this parties and legal costs for possible lawsuits against you. The coverage helps in protecting against troubling injury lawsuits.
3. Personal property - In addition to offering protection to the home, a typical home policy caters for the personal property. The personal property consists of the contents inside the home for example clothing, furniture, computer equipment, sentimental items and jewelry. The personal property also consists of outdoor items like lawn tools. In case the fire damages the kitchen walls and appliances, the appliances will be catered for by the policy.
The typical home insurance policy provides cover for damages resulting from
· Fire and lighting
· Windstorm and hail
· Vandalism, malicious mischief or theft
· Damage from vehicles
· Objects falling from the sky (airplane, meteorite etc)
· Accidental damage from smoke
· Weight of snow, ice and sleet
· Freezing of plumbing
· Accidental discharge and water overflowing from the plumbing
· Accidental and sudden tearing, burning, cracking or bulging of steam and hot water heating-system
· Unintentional act and negligent act on or off the premises
· Personal property
On the other hand, the car insurance policy is compulsory in most of the states. The policy plays an important role in providing benefits to survivors in the event of an accident resulting in death. The policy covers lawsuits that include legal fees that have been brought against the owner of the car because of the accident. The insurance also covers the bills of repairing the vehicles because of damages caused in the accident. The cover also caters for other accidents including fire and theft.