The Basics of Homeowner’s Insurance Policies

Imagine that you just bought a home with everything you and your significant other have dreamed about for years: an open floor plan, granite countertops, a great yard, those double sinks. Now imagine that you come home one day to find this dream house leveled by a flood, earthquake or fire, or your belongings missing after a burglary. What can you do? How will you ever begin to pick up the pieces? Luckily, with homeowner’s insurance, you know that someone has your back.

Homeowner’s insurance, also known as HOI, is an insurance policy that covers private homes. HOI has been around officially in the United States since the 1950s. Before this, a homeowner could take out individual policies to cover certain dangers only. Today, the options that are out there are numerous and as variable as the homes you see driving from one neighborhood to the next. With low premiums on most policies, the monthly cost could far outweigh the risks of living uninsured in the case of a natural disaster or other major event. Policies can cover any range of perils including but absolutely not limited to flood, damage from fire or lightning strikes, theft, smoke, wind or hail, earthquake, vandalism, and even explosion riot or civil commotion. Some policies cover injury to guests on your property as well, which can provide a great sense of relief should an accident happen on your turf. Depending on where you live, having some of these covered could be of great importance. For those in the New York area, Homeowners Insurance Albany NY has many great options, from large name businesses to more personal companies. Homeowners Insurance Albany NY rates vary from company to company.

In the case of damage to your home, or any of the other perils that may be covered by a policy, you would need to file a claim to receive the benefits that you need. Be sure to take plenty of pictures and keep a record of what has happened so that the process can move along smoothly and in your favor. Once offered a settlement amount, don’t feel that your fate is set in stone. Homeowners are welcome to negotiate and counter this offer, as they are with policy premiums and details themselves. Always plan ahead. It helps to be able to rest easy knowing that your insurance policy is looking out for you should the worst happen!


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