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June 22, 2011
There are different types of property liability insurance which you can buy for your house. One of the insurances is liability. While liability will pay for the injuries of others, it does not pay for your injuries. If you fall or get injured while on your own property you will need to use your health insurance to pay the medical bills. Liability pays for injuries to other people not living on the premises. This is a very important insurance to carry as it will protect you if someone brings a lawsuit against you. Liability will pay the medical and loss of income for someone else. If your neighbor comes over to borrow a cup of sugar and falls in a hole and breaks her leg, the liability insurance will pay for any loss of work she suffers, the medical bills and it will pay for any lawsuits that occur.
There are other insurance types that are just as important as liability insurance. They include dwelling, structures and personal property. Dwelling will pay for the damages to the house. It will pay if there is a fire or if you are hit by a tornado. If your house is in a flood zone you are going to want to make sure you carry separate flood insurance. Most of the time your insurance will not cover for floods unless you carry a separate rider or coverage just for floods. The same is true of earthquakes.
Personal property insurance covers damages to the belongings you have inside of the home. This could be things like furniture, computers, TVs, clothing and appliances. When you stop to figure the cost of all of your belongings you will be able to see how important this insurance really is. There is no way you could afford to replace all of your possessions without the help of insurance. Personal property insurance will even pay to replace stolen property.
Structural insurance pays for the repair or replacement of sheds, fences, sidewalks, driveways and patios. It will pay to repair a garage that is not attached to the house. If the garage is attached to the house, your dwelling insurance will pay to repair it.
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