Everything Home Owners Need to Know About Insurance.

        Insurance means that you have to think about any bad that may befall. This could be natural or man caused, such as a hurricane or a flood or medical emergency to car accidents or even something like repairs in the house. It is a healthy thing to look at the bright side of everything or just staying positive. However, it in reality it is best to be a little pessimistic. Like they say, a little stress about an exam or the job meeting is healthy as it will help you prepare for it. Similarly, if you do think a little negatively sometimes, you might be a little prepared.

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        Having a little nest of money saved for a rainy day is always a good thing. It is not called being pessimistic, it is called being prepared and taking action. For this some people turn to insurance policies. Because if, God forbid your town is hit by the low level flood or the windstorm and tornadoes, you need to focus on keeping yourself and the family safe along with being rationally stable and not having to worry about money at the time like that. That’s what insurance companies are for. However, you should know what they do and don’t do! Following is a list that will tell you the basics of insurance.

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1. What insurance Covers?

        The first thing to know before purchasing an insurance for your home is what it will cover. Any typical insurance policy will cover the damage done to your home or property and even your processions in the event of natural storms or if a fire breaks out of or in the case of theft, robbery or even vandalism. While homeowner’s insurance covers shelter expenditure, for times like when you need to evacuate your place due to some issue, similarly renter’s insurance protects you from legal action taken against you if someone gets hurt on your property. Homeowner insurance covers some of your belongings too.

2. What Insurance Won’t Cover?

        Since they are paying for so much and have your back when you are in crisis, there is a limit to what insurance will cover. A typical insurance policy has certain exclusions such as;

• Landslides
• Sinkholes
• Power failure
• War
• Nuclear hazard
• Government action
• Bad repairing
• Defective maintenance

Since water damage is very tricky there is a rule that says that any water damage done by a bursting pipe or heavy rain is covered. However water from below, meaning, backed-up sewers is usually not covered. So if you are actively hit by floods or earthquakes, you should get supplemental coverage.

3. How To Get Jewelry Covered?

             Most insurance company’s cover jewelry. Yes it might sound too good to be true and it is. While insurance companies do cover jewelry, there is a set amount. Meaning the policy might cover up to three thousand dollars only for jewelry. You might receive a check very quickly for the jewelry lost but it would only be the amount mentioned in the policy. The wise thing to do is note the limit on the jewelry. What you can do is you can get an appraisal at the jewelers and then later buy a supplemental policy.

4. Write down EVERYTHING!

    This might be the most important advice for buying home insurance. You need to jot down everything. Like you used to be in freshman year, noting down the ‘morning class’ to ‘class dismissed’. For insurance this comes in handy because so many of the claims have been denied simply because people don’t have a proper record. If you ever suffer a loss from theft or any other problem, just remember everything and write it down. Saving receipts, contracts and appraisals is also a very smart move. If you already do that, you should be proud.

These are few very important details you need to know before purchasing an insurance for your home. It is always best to search around, do a little digging before signing anything.