home insurance is a policy that provides financial protection against the potential losses you could experience to ? of your home and the contents within during an insurable incident. the type of incidents that are considered insurable will vary based on your individual home insurance policy, but they can include volcanoes, theft, fire, tornadoes and other ? nature. home insurance policies are designed to compensate the home owner after they experience ? financial or material loss that exceeds the policies deductible. they do this by paying out benefits to reimburse the policy holder. benefits can be paid as either actual value or replacement value. if your benefits are paid in actual value, it means that you will be reimbursed the estimated value of the items you blast which includes considerations like depreciation. if your policy calls for a replacement value, you are paid in an amount that you are able to replace the items you blast with comfortable items. the structure of your property also referred to as the dwelling is insured up to the dwelling limit. insure ? your dwelling limit is at least equal to the cost to rebuild the home. if your dwelling limits are greater than the cost to rebuild, you will not be paid the extra amount. note that the cost to rebuild the home is not the same as the outstanding balance on your mortgage. your dwelling coverage also protects any attached structures like fences and garages. unattached structures like ? or ? garages are coveraged separately. home owner should know that home insurance does not cover damage caused by flooding which must be covered by a flooding insurance policy.
- home insurance・・・住宅保険