To recover the lost situation after any kind of property loss, insuring your house is extremely important. You can get a single or you get multiple insurance policies. For example, if you want to protect your home from fire you can get a single policy that will protect your property against damage caused by fire. But, if you want to protect your home from fire, flood, theft or and other damages, you need to get multiple policies. Insuring your home gives you peace of mind because you know that you are protected in case of unforeseen events. You don’t have to get tensed about sudden mishaps like storms or earthquake.
Property insurance offers financial guard for your house. For example, if your laptop has been stolen from your car which was parked in front of your house, you’re covered under the policy. If your home is being repaired after an earthquake and you are living in an apartment then your insurance company will pay the living expenses. Also if anyone gets injured while he is visiting you, then the insurance company would pay the medical expenses.
House property mortgage and insurance:
House property insurance is necessary nearly by all the lending departments before you got approved for mortgaging your property because they use it as legal formality and surety.
House property insurance has various types of policies, some of them are mentioned below.
Policy # 1:
House owners get protected by such types of house property insurance policy. The treatment obtainable by this policy attached house and property against 11 different types of perils.
Policy # 2:
Broad house owners’ policy is another name of house property insurance policy. This kind of house property insurance policy includes house and its stuffing in order to avoid 17 different perils. Policy # 2 of house property insurance policy has interest of about 5% to 10% more then the policy # 1.
Policy # 3:
The third policy of house property insurance is also sometimes called special house owner policy. This policy covers all types of perils other than those who specifically omitted in the contract. The expense for this type of policy is 10% to 15% more than the first one.
Policy # 4:
The forth type of house property insurance is basically facilitate the property owners who rented their property which includes 17 different perils. This type of policy covers the liability but not the house itself.
Policy # 5:
The fifth type of house property insurance basically includes all losses other than those reasons are earth quake, floods etc. This type of policy also termed as an extensive house owners’ policy.
Policy # 6:
This type of policy facilitates the holders of co-ops and condominiums. This kind of house property insurance policy facilitates against perils mentioned in policy 1.