Home Insurance: What type of disasters are covered?


Homeowners Basics What are the top things to know? What is homeowners insurance? What is in a standard homeowners insurance policy? Are there different types of policies? What type of insurance do I need for a co-op or condo? What type of disasters are covered? Can I own a home without homeowners insurance? What is renters insurance? How do I take a home inventory and why? What's the difference between cancellation and nonrenewal? ........................... Buying and Saving Money ........................... Help! I have to file a claim ........................... Home Owners Tips

			Home Insurance - What type of disasters are covered?

			Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster. If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance. After your mortgage is paid off, no one will force you to buy homeowners insurance. But it is not advisable to cancel your policy and risk losing what you’ve invested in your home.

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