Home insurance is a type of general insurance that helps individuals safeguard their properties from any natural calamities or man-made perils. With this policy, homeowners can get financial coverage for any damage or lost content of the house.
Property Insurance: Property insurance can help the owner avoid financial losses, which might occur due to damage caused to the property by natural calamities, against damage or loss from events such as fire, theft, or natural disasters.
Liability Insurance: is an insurance product that provides protection against claims resulting from injuries and damage to other people or property.
Covers legal liabilities arising from injuries, accidents, or negligence that occur on the business premises or as a result of its operations
Homeowners Insurance and Mortgages:When applying for a mortgage, the homeowner usually is required to provide proof of insurance on the property before the financial institution will loan any funds. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost.
Commercial Auto Insurance: commercial auto insurance policy covers the property damage and medical expenses that might arise in an accident. It also pays for third-party liabilities and legal expenses, if any.
Homeowners Insurance vs. Home Warranty: While the terms sound similar, homeowners insurance is different from a home warranty. A home warranty is a contract taken out that provides for repairs or replacements of home systems and appliances such as ovens, water heaters, washers/dryers, and pools. These contracts usually expire after a certain time period, usually 12 months, and are not mandatory for a homeowner to buy in order to qualify for a mortgage.
Commercial Umbrella Insurance: Provides additional liability coverage that goes beyond the limits of underlying insurance policies.
