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The Basics of "Homeowner’s Insurance" Explained by Farmers Insurance Agent of Waterford, MI

Your home is one of the largest investments you will ever make.  Homeowner's Insurance is essential for protecting your investment.  It is also important that you have adequate liability coverage to protect all of your other assets as well.
 
 
Basic Coverage: 
A standard homeowner's policy will cover damage to your home and contents caused by fire and smoke, ice and snow, lightening, theft and frozen pipes.   Your policy will also cover you in the event of liability claims if someone is hurt on your property, medical payments to third parties, and legal costs should you be sued.  Most people have $100,000 - $300,000 in liability coverage on their homes; however, the very wealthy sometimes carry more as they have more to lose in the event of a lawsuit. 
Additional Coverage: 
You should read your policy carefully to find out exactly what is covered so you're not caught by surprise when you file a claim and it is denied.  Most standard insurance policies do not cover damages caused by floods, earthquakes, war & terrorism and nuclear accidents.  You may be able to purchase additional coverage for these items. 
Other Valuables: 
If you own a lot of valuable jewelry, such ... more

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