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Homeowners 101: What are the Main Factors of Home Insurance?

When you are looking for homeowners insurance to protect your new house, it is important to understand the factors that are covered by a basic policy. Although coverage will vary between companies, states, and the extra protection you decide to add to your policy, certain factors are common for many homeowners.

Repairs to the House

If your house is damaged by a fire, break-in or other factors that are beyond your personal control, then most companies will pay for the cost of repairs after you pay the deductible amount. Repairs to the house may be limited to a specific monetary amount, so read through the documentation to determine the exact amount of protection available for house repairs.

The other factor to consider is any clauses in the policy. For example, a common clause is that the basic plan will not pay for flood damage, so you may need to purchase additional protection in case a flood occurs.

Repairs to Other Structures

A property that has another structure, such as a shed or detached garage, will also obtain protection for those items. If a detached garage or shed is damaged, then your insurance will pay for some of the damages up to a certain amount. The exact amount will depend on the company, but it is usually a set percentage of your total policy amount.


Although minimum liability laws vary by state, insurance companies will provide the minimum amount or more to protect you from accidents that occur on your property. For example, if a neighbor’s child falls down the stairs while playing with your child, then your home insurance will help pay for the medical expenses.

Since state laws differ, talk to your local agent to find out about the minimum amounts that your insurer must provide.

Personal Property

Personal property is often covered under the plan, but the amount provided and the items protected under the plan will vary. Take time to ask your insurer about personal property that is eligible for protection.

Although personal property is protected, you need to have a clear record of your valuable assets. For example, take a picture of your television, jewelry and large pieces of furniture. If you have family heirlooms, then take a picture of those items as well. Receipts of the purchase or appraisal records are also useful in case the item is stolen or damaged. Keep the records in a separate location, such as in a bank safe deposit box, so that you can replace the items in the future.

Keeping your property safe starts with finding the right insurance for your home. Although certain factors are commonly covered by your insurer, you need to pay attention to the particulars of your plan to determine the exact coverage you have and calculate whether additional protection is a necessity.

In order to find the best home insurance that suits you, you can research on this website using the comparative tool to compare rates with other insurance companies.

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