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<\/a>What is home insurance, and what does it cover?<\/strong><\/p>\n\n\n\n Home insurance helps the buyer when the worst events occur. The insurance lets you repair or replace your home after damaging or catastrophic events. In addition, the policy can help pay the costs of damage from fire, theft, a severe storm, or other events covered in the policy. These are called \u201cperils.\u201d While storms involving wind and hail are covered, be aware that if your property is in an area that receives earthquakes or flooding, separate insurance needs to be purchased.<\/p>\n\n\n\n Coverage for living expenses will pay if a homeowner is forced to leave due to a covered condition. These typically include events such as fires, tornadoes, or other immediate or imminent hazards because of which local authorities bar you from your neighborhood. <\/p>\n\n\n\n The insurance covers the home\u2019s structure and other buildings on a buyer\u2019s property, such as a garage. Inside the house, standard coverage includes repairing and replacing items such as the water heater and furnace if they are damaged during an event included in the buyer\u2019s policy.<\/p>\n\n\n\n Homeowners\u2019 insurance also covers in-home personal property damaged, stolen, or destroyed. Items such as appliances, clothing, furniture, and electronics are replaced at total value. But the owner can decide to receive a cash payment for the items after a depreciation assessment. Remember that for rare and expensive items like jewelry or art, the buyer must pay a higher premium or purchase additional coverage.<\/p>\n\n\n\n Finally, homeowners\u2019 insurance pays for medical and legal expenses if someone other than you or your family is injured on your property.<\/p>\n\n\n