Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people (different type of home insurance can be purchase, it depend of your need).
Your home is probably your most valuable asset. For this reason, you should have a homeowner policy that gives you the protection you need at the best possible price.
Homeowner's Insurance helps pay to repair or rebuild your home and replace personal belongings lost due to theft, fire and/or other disasters such as storms. Each policy will specifically specify what hazards/events will be covered within the policy and what hazards/events have been specifically excluded.
Homes over 35 years old will be required to conduct a 4-Point Inspection before insurance coverage can be bound. A4-Point Inspection certified the good working condition and update for the Roof, Electrical System, HVAC (Heat, Ventilation, Air Conditioning) and plumbing.
Flood Insurance Offers:
Building Coverage. Covers damage to your building and items such as the furnace and water heater.
Contents. Covers your furniture, rugs, appliances, and clothing (subject to limitations in basement areas and elevated buildings).
Property Protection. Pays for sandbagging and other expenses for preventing flood damage.
Clean-Up Reimbursement. Covers costs of cleaning your home and removing debris after a flood
Standard homeowners and renters insurance does not cover flood damage. Flood coverage, is available a separate policy Flood insurance will provide coverage in the event of rising water as a result of prolonged or heavy rains, coastal storm surge, blocked storm drainage system, snow melt, levee dam failure or other such causes that result in rising water.
The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.
Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect. No waiting period for new purchase home when lender involve.
Mobile home insurance usually covers damage to the mobile structure, this part of the policy covers you in the event of events such as fire or storm damage. The second part of mobile insurance is the personal property protection. although, coverage may be lower. The final item usually covered with mobile home insurance is personal injury., the mobile insurance would pay expenses such as medical procedures or doctor visits. some policies also cover the cost of hotels and meals in the event you must relocate for repairs or to find a new home.
Even though mobile insurance is a separate classification of insurance, it covers many of the same things that regular house insurance covers.
Manufactured home and mobile homes are essentially the same thing, except that the label "manufactured home" applies to mobile home built after 1976, For this reason insurance companies generally do not distinguish between manufactured homes and mobile homes. You may buy manufactured home policies for a mobile home and vice versa. Coverage will be the same.
Insurance companies will include items in your mobile policy in part based on your location.