subject: Buying A Home - Is Home Hazard Insurance Really Important? [print this page] A hazard insurance policy is designed to reimburse you and the bank for damage to property resulting from fire and smoke, hailstorms, fierce winds, lightning storms, explosions, volcano eruptions, riot and vandalism, theft, water damage, and other so called Acts of God. If a tree comes crashing down on your roof from a wind storm or a burglar smashes your car window to steal your radio, your policy will fix the damage or replace the item. You'll even come across insurance policies that protect belongings taken away from your home such as in your auto or to work.
The heart of your homeowner's insurance covers damage to your house and everything associated with it. But the basic coverage isn't adequate to give you full protection. You'll be given the option to purchase additional coverage for:
1) Accompanying structures in addition to your home such as the garage, work shed, pool, extra guest unit, and other appurtenances connected to the land such as concrete walls, asphalt driveways, sidewalks, and chain link fences.
2) Personal property like you're clothes, expensive art, fancy jewelry, rare coin collections, and high end electronics, up to a predetermined replacement value.
3) Property used in your home business such as workstations, computers, and copy machines. You'll even find some insurance policies willing to cover all your business inventories.
4) Loss of use-Policies can provide funds for your everyday essential like rent, motel stay, and food, minus the amount you would spend on everyday essentials, while your home is undergoing remodeling after a catastrophe.
5) Landscape in such as your trees, flowers, bush's, and decorative statues.
Even though you're not obligated to purchase the above coverage, you'll probably need to purchase the whole package to get the best protection for your home.
When you first inspect a hazard insurance policy it may appear to be pretty thorough. But as you read through the fine details including the exclusions clause, you'll quickly discover situations that won't be insured such as water flooding, earthquakes, mud slides, police action, electrical outages, sewer issues, and several other damages are not covered. Insurance companies are wary to ensure these high loss property damages. But don't give up hope, with a little diligence you can locate an insurance company willing to provide protection for special circumstances such as flooding and earthquakes. It's in your best interest to purchase additional coverage for precarious situations that can cause serious damage and have a high likelihood of occurring such as an earthquake in particular areas of California.
by: Sarah P. Shimanski
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