|  | CONNECTICUT LIFE |
|
|
|
|
|
|
|
|
|  |
Home insurance policies combine various types of personal insurance protection with liability insurance for accidents that may happen at your home. Most home insurance policies are contracts that cover a one year term and there are several different types of policies that can be modified according to your needs. Most policies name what will and what will not be paid in case of various events. For example, coverage for claims resulting from a flood are typically excluded.
Home insurance protects homeowners by providing the necessary amount of coverage to rebuild the house or condominium in the event it was damaged or destroyed by a covered event, such as a fire. In addition, it also covers liabilities arising from accidents and injuries for guests on the property. Purchasing home insurance is a condition that lenders usually require of buyers in order to protect the interest of the bank if the home was destroyed. In addition, people who rent rather than own a home purchase this type of insurance to protect their personal property.
The cost often depends on the coverage necessary to rebuild the home or to replace one's belongings, and any additional riders attached to the policy. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed due to certain safety features, or proximity to a fire station.
|
|
|
|
|
|
