Whether you are buying or renting it is usually a good idea or even required in some cases to purchase insurance. Home owners insurance covers a private property and its contents as well as liability for guests within the territory. Renters insurance covers your personal property inside the dwelling you rent and liability for guests within the territory. If a situation should occur that results in property damage you will not have to pay out of pocket expenses other than a deductible for the items to be replaced or repaired.
Homeowner’s Insurance Policy Coverage
When you enter into a mortgage agreement your lender will require you to purchase Home owners insurance St Charles MO to protect the dwelling that they own until it is paid off. The only exception is when the land you already own is valued higher than the dwelling you are purchasing. However, in the event that the dwelling is destroyed or damaged beyond repair and you do not have home owners insurance they can legally foreclose the property that you own and sell it to recover the cost. When you purchase a home owner’s insurance policy you will pay a premium every month for a predetermined amount of time; usually 6 or 12 months. In the event of a catastrophe which damages your home or belongings the insurance will pay for the repairs or replacement of the items affected by the situation. Certain situations that may be covered under a policy are theft, fire, vandalism, wind and weather. Earthquakes, flood and war are situations that are excluded from home owner’s policies, but many times you can purchase additional insurance specifically for these situations. A home owner’s policy also includes liability insurance. This means that if a person is injured within the territory covered in the policy that your insurance will cover the cost of their medical bills and expenses incurred due to the injury.
Renter’s Insurance
When you are renting a place of dwelling the homeowner or landlord carries Home owners insurance St Charles MO and you may purchase renter’s insurance to protect your belongings. In the event that your belongings are damaged you will need to make a claim with your insurance company and discuss if your renter’s insurance or the landlord’s homeowner insurance is responsible for the costs. Renter’s insurance covers your belongings in the event of a fire, weather or theft. It also includes liability insurance for people who may be injured in the dwelling due to tenant negligence. For example, if your friend comes over and trips over your child’s toy and breaks their arm, your rental insurance may cover the costs. If your friend comes over and they fall off the stairs that were not protected by a railing, this would be covered by the landlord’s insurance. Keep in mind these are vague examples and you will need to speak to your insurance company for specific coverage information.
If you are searching for home owners insurance in St Charles MO contact Associated Insurance Brokers. They are a family owned insurance agency that provides one on one personalized customer service, and have been in business since 1980.
