Most people know this insurance kind under the name of homeowner’s insurance. The purpose of this, such as well as you can imagine it consists in provide protection to the customer in damage that can suffer his heritage.
In a single policy they can include several types of items, like for instance: The structural damages that can suffer a home because of some earthquake or fire, loss of certain goods that are in the house, robbery etc.
In order to hire a home insurance it is necessary that at least one the owners of the house, live in it, but if not, the request is refused almost immediately by the insurance company.
In the same way, the criteria that they are considered to determine the real value that a home insurance would have vary greatly from case to case. However, what definitely represents a reliable indicator for the companies is calculating which one would be the price that they would have to pay in the event the house was a total loss.
These contracts usually sign themselves in the long term, since the installments of the monthly payments can become a little bit lofty. Before closing down the deal, the customer has to make a revision thoroughly like the benefits and the fines for non-fulfillment find themselves properly expressed in the document. Just the same, it is strongly recommended to check the list of things that are insured and which are not.
One thing that not everyone knows is that almost no insurance company covers the following eventualities: flooding caused for intense storms or hurricanes, explosion of a bomb, the presence of termites among other things.
Also it is pertinent to point out that the payment that the insurance makes to the customer when his heritage damaged, it corresponds to the calculation of the inflation rate that is operating at that moment.
An aspect that we have not talked is than the houses that are they locate inside a zone of low risk, logically assigned a much lower rate. This can happen for instance if your residence is close to a fire station or if its infrastructure has a system of smoke detectors and artificial precipitation.
Besides, in United States the people that need a mortgage loan, should present to the bank a document that verifies that their property is insured in order that they are given the money.
It is a good time to pause and so to explain the origin of the first home insurances within the United States. According to the historical records it is known that it was in the year of 1950 when this tool of protection against damages was used for the first time.
Before that period, there were several different criteria of evaluation, with what it was becoming impossible knowing for sure the causes that they should have covered up with this service. It was not but even two decades later when in 1971 the Insurance Services Office created an instructions manual simplified that it allowed knowing and understanding all relevant issues in an easy and simple way. Today some of these standards continue being used.