Homeowners Insurance and a Few Things to Keep in Mind

Oct 24, 2013

The biggest mistake that a homeowner could make is not to get his/ her house insured. There are innumerable ways for damage to occur, no matter how careful you might be. Life has a tendency to spring up surprises when least expected, and under such circumstances, the only way to prevent this from happening would be to opt for home insurance. This is a way of transferring risk associated with the ownership of a house to a third party. Then in case of any damage at least the financial backup is in place.

However, homeowners insurance New Orleans is a lot more than just getting the insurance. You should always ensure that a few basic causes of potential damage are covered. While there is a long list to go by, following are a few examples to start with:

  1. Theft and robbery attempts made at the residence must be covered.
  2. Fire causing damage irrespective of the source (unless as a part of conspiracy to get insurance money by the owner of the property).
  3. Water flooding inside the house due to leakage in drainage system causing damage.
  4. Flood due to flooding of rivers and natural sources of water or excessive rain.
  5. Electrical short circuit causing not only fire to catch but also creating a need to replace the old circuitry with potential for changes and repair even in the construct of the house.
  6. Gas leakage and corresponding damage should be covered too.
  7. Any kind of attempt of violence by an intruder that may have caused damage to the property.
  8. Any kind of accident that could have caused damage to the property. As an example, if a car crashed on the walls of the house then the corresponding damage must be covered under the scope of the insurance scheme.
  9. Any kind of reconstruction work or repair work which went wrong due to negligence or inefficiency on part of the contractor should be covered under the insurance scheme.

And there could be many more points to look at which you could find with an expert in the field of homeowners insurance. The other thing to understand and note would be that damage is not always necessarily physical. So while your insurance policy might take care of the financial burden due to physical damage it is best to ensure that even psychological trauma is well treated. And if an insurance policy happens to offer a consideration for the same, do not let it get away; grab it at the first given chance.