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What is Home Insurance?

by Mark Lyne

The purpose of homeowners insurance is to protect your house and the belongings in it against loss, or damage caused by specified perils.

Homeowner policies used to insure a primary residence should include the structures on the land, and the property which is kept in the home.

Common perils or covered losses are often caused by Fire and lightning; Aircraft & vehicles; Vandalism and malicious mischief; Theft; Explosion; Riot and civil commotion; Smoke; Windstorm, hurricane, and hail; Sudden and accidental water damage.

Most policies do NOT cover Flooding; Earthquakes; Termites; Insects, rats, or mice; Freezing Pipes while your house is unoccupied (unless you turned off the water or heated the building); Wind or hail damage to trees and shrubs; Losses if your house is vacant for 60 days or more; Wear and tear or maintenance; or Water damage resulting from continuous and repeated seepage.

Most homeowner policies are "package" policies which you will want to ensure cover both the damage to physical property, as well as, liability and legal responsibility caused to others by your pets or members of your household.

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