Homeowners Insurance Coverage
Homeowners insurance covers private homes. It is a form of property insurance that combines various kinds of personal insurance protection, including losses or damages to the home of the insured, additional living expenses incurred by loss of its use, its contents, loss of personal possessions, and liability insurance for any accidents that occur at the insured home or property.
Homeowners Insurance in West Virginia and Ohio
Depending on how much it would cost to replace the house and/or the additional items included in the policy will determine the cost of the homeowners policy overall. Homeowners insurance policies tend to contain long contracts as they detail what is and what isn't paid in the case of various events. Generally, any claims related to floods, 'Acts of God', earthquakes, or war (whose definition for insurance purposes usually cites a nuclear explosion from any source) are excluded. However, flood insurance and earthquake insurance can be purchased for these eventualities.
Most home insurance policies provide coverage for a fixed period of time and are therefore a term contract. Lower premiums are usually charged if the home to be insured has less chance of being destroyed or damaged. A home situated near a fire station or containing smoke detectors and alarms would have smaller premiums, for example.
The vast majority of home buyers in America borrow money in the form of a mortgage loan, and it is a condition of the mortgage that homeowners insurance is purchased by the buyer to protect the bank in the event of the home being destroyed. The agreement can only be waived if the land value that the property is situated on exceeds the mortgage balance amount.
If you would like a comprehensive review of our homeowners insurance program, please contact us.
Contact Bryan Insurance today at either our Moundsville, WV office on 304.845.0121, or our Wheeling, WV office on 304.233.5907 and let an experienced Homeowners insurance professional discuss your insurance options for your home with you.