Home Insurance. What is it?

Nowadays, there are a lot of policies being used and utilized. Life Insurance, Health Insurance and there’s also Home Insurance. But what is Home Insurance and what exactly can it do? To have a better understanding let us examine the meaning behind it and the pro’s and cons of having a home insurance.

According to Wikipedia “Home insurance is a type of property insurance that covers a private residence. It’s an insurance policy that combines personal insurance protections, which includes losses occurring to one’s home, it’s contents, loss of use, lost of personal possessions of the home owner. And it is a liability insurance for accidents that may occur at home or within the hand of the homeowner within the policy territory.” So what does it mean? It just means that you can place a monetary security for you home in case something happened to it. You will be compensated and regain whatever can regain whatever was lost thru a claim.

Does having a home insurance good or not? In a way, yes. It’d definitely a a good news for us but why? Below are a list of Pro’s and Cons of having a home insurance policy.

  1. Monetary Security
    • PRO’s: If a fire broke out of your house, you insurance company will compensate you of your losses.
    •  CON’s: You won’t immediately get compensated. Your insurance company will first conduct an investigation. it may take a while.

 

 

 

source and credits to: wikipedia.org

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