Homeowner And Owning A Home Essay

1024 Words Sep 28th, 2016 5 Pages
Purchasing and owning a home opens the doors to a lot of opportunity. Home ownership allows the homeowner to take out loans against the home to finance other investments. To protect the home, while it is being purchased or when a mortgage is taken out on the property, homeowners insurance many times, is required. Homeowners insurance is also helpful even if the house and any loans against it are paid off.

Homeowners insurance in Memorial Texas protects from many different perils and includes property and liability insurance coverage. Since homes come in many shapes in sizes, homeowners insurance has to be very adaptable to a wide variety of properties. Homeowners insurance comes in many different types with the main difference being what perils are covered by the homeowner 's insurance policy.

The basic form homeowner 's insurance policy should satisfy most lenders when a home is purchased on a loan or a mortgage is taken out on the home. The homeowner 's insurance policy protects against eleven listed perils. The perils include fire, wind damage, vandalism, theft, vehicular damage, and others. Contents are protected from these same perils however the contents the homeowner wants protected must be specifically listed in the homeowner 's insurance policy.

A broad form homeowner 's insurance policy includes coverage protecting the home from the same perils as the basic form homeowner 's insurance policy plus another six perils. The most popular form of homeowners insurance…

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