Insurance - A Guide to Homeowners Insurance
Most Americans that own a home have
some form of insurance on the home. Most Americans with a mortgage
on their home are required by the mortgage lender to carry insurance
on the home at least until the mortgage loan is paid off in full.
Homeowners insurance is not uncommon
in the United States, but most Americans probably know little about
it other than who their carrier is. In fact, this can probably be
said about all types of insurance purchased by Americans daily.
Not all homeowners insurance policies are the same, they vary from
state to state and policy form to policy form.
What are some other common names
for Homeowners insurance?
Homeowners insurance is commonly known
by other names in the United States, but some policies and some
coverages must be differentiated from others so confusion is eliminated.
Homeowners insurance is sometimes referred to as home insurance,
home owner insurance, fire insurance, dwelling insurance, house
insurance, casualty insurance and hazard insurance.
These names don't all mean the same
thing (necessarily) from an insurance company's perspective and
this could affect your coverage in the event of a claim. Homeowners
insurance is also correctly referred to as Home Insurance.
While the other names used for homeowners
insurance have elements of correctness in them, they may not refer
to the coverage the homeowner needs or actually desires to cover
Who needs Homeowners Insurance?
Homeowners insurance should be purchased
by any one who owns a home that they actually LIVE in. (Exceptions
are also made for close relatives who live in a home owned by the
actual homeowner). Most states have defined who is eligible for
homeowners insurance and have defined eligibility in the policy
Other forms of dwelling coverage are
available in all states, but not all of these policies are correctly
known as true "homeowners insurance" and consequently
homeowner insurance quotes vary by policy type. The necessary
distinction in these policies is that the owner of the property
actually lives in the property.
Other insurance policies known as dwelling
insurance, fire insurance, landlord insurance, casualty insurance
and hazard insurance are necessary when the homeowner does not physically
live in the dwelling insured by the insurance company.
Collectively, these policies are
sometimes called "Fire Insurance". Although the peril
of "Fire" is most commonly covered on all of these insurance
policy forms, the policies afford much broader coverages than only
the named peril of "Fire".
Secured Homeowners Insurance Quote