Home insurance in the USA includes those houses whose owner lives in them regularly. There are other policies for different cases where the owner has them for rent, for tenants and mobile homes, in addition to condominiums where the form of contracting may vary a bit due to other insurance that usually exists additionally.
What does home insurance cover?
Home insurance in the USA has several coverages to cover different risks. Some of the most important ones that are focused on the damages with the greatest impact are:
- Specific protection of the value of the home against various damages, such as falling trees, airplanes and other objects, collision, fire, explosion, theft damage and various weather phenomena. Some risks are not included directly and endorsements need to be contracted specifically, as in the case of earthquakes and various wind storms. Protect the main house, fences, garages and sheds, still separated from the main structure.
- Personal property The family’s personal assets are protected under this covered risk. These cover contents in the home such as furniture, appliances, clothing, footwear, etc. The risks covered include those included for housing and theft. Jewelry, electronics and other items are covered only in what is considered common in a home. There are additional endorsements for Valuables and Electronic Equipment. Many companies cover the belongings that are in the car or that are in moving services, storage or even when being in hotels.
- Civil liability. It protects the family financially against the damages that they could cause to neighboring properties. It also covers injuries to visitors or people in the surroundings, as a result of any damage to the house or the act of pets or accidents of any member of the family with said people, without the participation of a motorized vehicle. Accident injury protection generally covers worldwide.
- Medical payments. Pays necessary medical bills in case someone has an incident at your home as a visitor. It does not require that there be a civil liability claim.
- Loss of use or living expenses. It covers the expenses that have to be made in the event that the home must be repaired as a result of damage due to the risks covered. These expenses cover temporary housing, food and others.
- Some other covered risks that can be protected are replacement cost, inflation endorsements, increased dollar limits, damage from drain failure, identity theft, etc.
Are there damages not covered in home insurance in the USA?
It is true, there are phenomena that are a fact that will occur and that are not covered by any insurer. For these cases there are government programs. A clear example of this is flood insurance, which must be insured with the NFIP (National Flood Insurance Program), which is administered through FEMA (Federal Emergency Management Agency).
What to do in case of an accident?
First, the damage must be reported to the insurer, providing the data of the insurance policy. The company will send a specialist to assess the damages and define what must be paid in each case. For this, it is convenient to have a copy of the policy in a place other than the home.
Are insurance companies in the USA reliable?
Yes, all insurers intend to fulfill a service to society in addition to obtaining income. The causes of controversy are usually human errors of the workers of an insurer, unclear policies or greater restrictions in some. Therefore, it is convenient to compare the differences between different insurers and choose the one that is clearer, with fewer requirements and quick procedures for payment.
In case of controversies, the NAIC and the courts of each state are there to act as arbitrators. In addition, you could also go to the Consumer Defense.
How to compare home insurance in the USA?
Cotizator will be useful for this purpose, since it makes it easier for you to compare with the best insurers. This will allow you to make a reliable decision faster.