Mortgage lenders require you to buy insurance policies for property owners. There are good reasons why it may be required, including damage caused by fire, vandalism, theft, storms, lightning, and so on. However, from a legal point of view, it has to be even more comprehensive in case of a construction dispute or lawsuit regarding the property. For example, one case where emissions from imported Chinese drywall caused corrosion of structural beams was heavily argued in court because insurers claimed the problem was due to air pollution, which was not covered.
Do you or does someone you know need legal information regarding insurance policies for property owners? Our real estate lawyers are here to help. Contact a real estate attorney in your area today for more information.
Listed below are all the major parts of a homeowner’s insurance policy:
There are two parts to a homeowner’s insurance policy. One is for property protection, which can be for the basic dwelling and for other structures on the property such as a garage, driveway, patio and so on. The belongings inside the home can also be included in the insurance. More relevant here is the loss of use coverage, which protects homeowners in case they have to find another place to stay due to defects or repairs.
The second part is the liability cover, which takes care of liabilities that may arise due to injuries and/or damage to others while on your property. An additional cover for medical payments can be included to pay for the medical bills of those injured, regardless of fault.
Do you have additional questions regarding insurance policies for property owners? Our real estate attorneys are here to assist you throughout the process and answer any questions you may have. Contact a real estate lawyer near you today.
Did you know?