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Tuesday 12th of December 2017

Home Insurance Facts PDF Print Email
Finance - Insurance
Written by: Maria Valenzuela   
Sunday, 08 May 2011 13:04
Is your home covered? If not, you need a home insurance to protect you from losing your home in the event of a fire (or any natural disaster), or when the borrower becomes mentally/physically disabled or pass away before the home loan is fully repaid. Every Palmdale California Real Estate should have a home insurance to make sure you are fully covered.


Is your home covered? If not, you need a home insurance to protect you from losing your home in the event of a fire (or any natural disaster), or when the borrower becomes mentally/physically disabled or pass away before the home loan is fully repaid. Every Palmdale California Real Estate should have a home insurance to make sure you are fully covered.

Home insurance is a type of property insurance that covers private homes for various personal insurance protections that may include losses occurring to one's home as well as its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. This insurance policy reimburses you when you encounter losses or damage on Anaheim CA Homes.

Your home's size and construction is an important factor for insurance company to estimate how much they would have to pay in case of a disaster. So the higher the estimate, the higher your premium will be. This is done through multiplying the estimated cost to build per square foot by the total square footage of your home. Home materials that last longer and are more resistant to damage will also affect your insurance cost.

You can also choose the type of coverage when you insure your home. Damaged items can be insured based on their actual value or replacement value. Location is also another important factor in determining the cost of your insurance premium. If you live in a city with higher crime rate, or more chances of natural disasters hitting your home, your premiums would be higher compared to homes that are in a low crime rate neighborhood.

Most lenders will require you to put home insurance equal to at lesser of the principal of the mortgage or the loan amount to protect the lender's investment. The cost of your insurance will depend on several factors, including your home's size and construction, the type of coverage and the location of your home.

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