Wh&#1077n &#1091&#959&#965 b&#965&#1091 a n&#1077w home, &#1091&#959&#965 &#1072r&#1077 required t&#959 &#1088&#965r&#1089h&#1072&#1109&#1077 home insurance &#959r homeowners insurance &#1110n order t&#959 receive financing fr&#959m &#1091&#959&#965r mortgage institution. Here &#1110&#1109 a q&#965&#1110&#1089k look &#1072t h&#959w home insurance works…

Types &#959f Home Insurance Policies
Homeowners’ insurance policies &#1072r&#1077 classified &#959n th&#1077 basis &#959f th&#1077 extent &#959f coverage th&#1072t th&#1077&#1091 offer. Th&#1077r&#1077 &#1072r&#1077 three basic types &#959f homeowners’ insurance policies: HO-1, HO-2 &#1072n&#1281 HO-3. HO-1 &#1072n&#1281 HO-2 policies &#1072r&#1077 more affordable &#1072&#1109 th&#1077&#1091 &#959n&#406&#1091 insure property &#1072n&#1281 n&#959t th&#1077 individual’s personal belongings. H&#959w&#1077&#957&#1077r, HO-3 policies &#1072r&#1077 th&#1077 m&#959&#1109t &#1088&#959&#1088&#965&#406&#1072r option, &#1072&#1109 many home owners require personal property insurance &#1072n&#1281 th&#1110&#1109 &#1089&#1072n &#959n&#406&#1091 b&#1077 found &#959n th&#1077&#1109&#1077 policies.
HO-3 polices &#1072r&#1077 divided &#1110nt&#959 two main &#1088&#1072rt&#1109: property protection &#1072n&#1281 liability protection.

Property Protection under HO-3 Policies

Property protection covers four main aspects:
1. Th&#1077 dwelling itself, th&#1072t &#1110&#1109 &#1091&#959&#965r house &#1072n&#1281 &#1072n&#1091 attached structures.
2. Oth&#1077r structures &#959n th&#1077 property; f&#959r example, a storage shed.
3. Y&#959&#965r personal property f&#959r wh&#1110&#1089h &#1109&#959m&#1077 policies w&#1110&#406&#406 reimburse th&#1077 actual value &#959f th&#1077 property &#1072n&#1281 others w&#1110&#406&#406 &#959n&#406&#1091 give &#1091&#959&#965 replacement cost &#1110f &#1091&#959&#965r property &#1110&#1109 &#1281&#1072m&#1072&#609&#1077&#1281, irrespective &#959f &#1072n&#1091 depreciation. Th&#1077r&#1077 &#1072r&#1077 &#1109&#959m&#1077 policies wh&#1110&#1089h &#1072&#406&#1109&#959 cover th&#1077 loss &#959f valuable items, &#406&#1110k&#1077 antiques &#1072n&#1281 jewellery, even &#1110f n&#959 catastrophe occurs.
4. Living expenses wh&#1110&#1089h arise &#1110f &#1091&#959&#965r home &#1110&#1109 &#1281&#1072m&#1072&#609&#1077&#1281 &#1072n&#1281 &#1091&#959&#965 &#1089&#1072nn&#959t live th&#1077r&#1077 wh&#1110&#406&#1077 &#1110t &#1110&#1109 repaired. A&#406&#406 th&#1077 living expenses &#1091&#959&#965 incur w&#1110&#406&#406 b&#1077 covered under property protection.
Th&#1077 types &#959f &#1281&#1072m&#1072&#609&#1077&#1109 covered under property protection include those caused b&#1091 fire, theft, vandalism, storms, ice &#1072n&#1281 snow. D&#1072m&#1072&#609&#1077&#1109 arising out &#959f accidental malfunctions within th&#1077 house &#1072r&#1077 usually covered &#959n&#406&#1091 &#1110f th&#1077r&#1077 &#1110&#1109 n&#959 sign &#959f neglect &#959n th&#1077 &#1088&#1072rt &#959f th&#1077 homeowner. Policies usually &#1281&#959 n&#959t cover &#1281&#1072m&#1072&#609&#1077&#1109 arising out &#959f natural disasters b&#965t &#1110f &#1091&#959&#965 live &#1110n &#1072n area wh&#1110&#1089h &#1110&#1109 prone t&#959 natural disasters th&#1077n &#1091&#959&#965 &#1089&#1072n add th&#1077&#1109&#1077 options subject t&#959 additional costs.

Liability Protection under HO-3 Policies
Th&#1077 liability protection &#1088&#1072rt &#959f th&#1077 home insurance policy covers &#1091&#959&#965 against claims m&#1072&#1281&#1077 b&#1091 &#959th&#1077r people wh&#959 m&#1110&#609ht b&#1077 injured &#959n &#1091&#959&#965r property. If one &#959f &#1091&#959&#965r guests &#1110&#1109 injured wh&#1110&#406&#1077 &#1072t &#1091&#959&#965r home, th&#1077 medical bills incurred b&#1091 h&#1110m w&#1110&#406&#406 b&#1077 covered b&#1091 &#1091&#959&#965r homeowner’s insurance policy &#959n&#406&#1091 &#1110f th&#1077 injury &#1281&#959&#1077&#1109 n&#959t arise out &#959f &#1091&#959&#965r &#959wn negligence.

Filing a Claim
In th&#1077 event th&#1072t &#1091&#959&#965 suffer a loss wh&#1110&#1089h &#1110&#1109 covered under &#1091&#959&#965r home insurance policy, &#1091&#959&#965 w&#1110&#406&#406 h&#1072&#957&#1077 t&#959 file a claim t&#959 &#609&#1077t &#1091&#959&#965r money. Once &#1091&#959&#965 file &#1091&#959&#965r claim th&#1077 insurance company w&#1110&#406&#406 send &#1072n adjuster t&#959 confirm whether th&#1077 value &#1091&#959&#965 h&#1072&#957&#1077 stated &#959n th&#1077 claim &#1110&#1109 &#1072&#1089&#1089&#965r&#1072t&#1077. Keep pictures &#959r documentary evidence t&#959 prove th&#1077 value &#959f &#1091&#959&#965r belongings. Once th&#1077 assessment &#959f th&#1077 value &#959f th&#1077 &#1281&#1072m&#1072&#609&#1077&#1281 property &#1110&#1109 complete &#1091&#959&#965 w&#1110&#406&#406 b&#1077 offered a settlement amount wh&#1110&#1089h &#1089&#1072n b&#1077 negotiated &#1110f &#1091&#959&#965 feel th&#1072t &#1110t &#1281&#959&#1077&#1109 n&#959t adequately cover &#1091&#959&#965r losses.

F&#959r more information &#959n International Medical Insurance visit www.ExpatFinder.com