Cash value life insurance is a policy that contains an account that builds value (“cash value”) over time. It works by taking a part of your premium payment and putting it into to the account. Depending on the policy type,…
Homeowners insurance does not generally cover earthquake damage, so you’ll need a separate earthquake insurance policy. What’s typically covered by earthquake insurance:The dwelling (house).Other structures.Personal property.Loss of use, meaning extra expenses you have if you can’t live at home due…
Generally, both the terms “mobile home” and “manufactured home” refer to factory-built home. The biggest difference is the name itself. A factory-built home prior to June 15, 1976, is a mobile home and one built after that date is considered…
A typical mobile home insurance policy covers your home and personal belongings, and pays for medical expenses if someone is hurt on your property. Because mobile and manufactured homes are different from traditional houses, a standard home insurance policy won’t…
“Loss of use” coverage is also known as “additional living expenses” coverage, or ALE. Loss of use insurance is valuable if you can’t live at home because of damage that’s covered by the policy. You can make claims for the…
When you buy home insurance, you’ll likely have a choice between “replacement cost” and “actual cash value” coverage. Replacement cost is more expensive because it pays more in the event of a claim. It will reimburse you for new items…
Liability insurance can come to the rescue if you (or members of your household) are legally responsible for someone else’s injury or property damage. Home insurance liability coverage also includes your legal defense cost in a court case against you.…
The most common type of home insurance policy, called an HO-3 policy, covers any cause of damage to a house, except what’s specifically excluded, such as floods and earthquakes. It also covers personal property for the 16 problems listed below.…
Homeowners insurance protects one of your biggest investments: Your house. It covers a wide range of problems and circumstances, and maybe some you’ve never even thought of. Property, including the house and your personal property. This includes damage and theft.…
