Shara
10/19/11, 05:59 PM
In general, your policy will cover the repair costs to fix or rebuild your home (and even structures on your property like a shed or detached garage) in the case of some catastrophe, or peril. Some perils covered are a fire in your home, water damage from a broken water pipe in a bath or kitchen, damage due to a fallen tree, or even wind damage.
One thing to be aware of, many homeowners insurance policies do not cover losses due to flooding caused as a result of living in a flood plain or earthquake damage caused by an earthquake. These types of catastrophes are covered with additional insurance policies. Generally, when you get your mortgage for the first time, your mortgage company will specify what type of coverage they want to satisfy their needs. For any additional coverage you may want, you will have to get on your own.
One thing to be aware of, many homeowners insurance policies do not cover losses due to flooding caused as a result of living in a flood plain or earthquake damage caused by an earthquake. These types of catastrophes are covered with additional insurance policies. Generally, when you get your mortgage for the first time, your mortgage company will specify what type of coverage they want to satisfy their needs. For any additional coverage you may want, you will have to get on your own.