How does home insurance work?
You pay the insurance company an amount of money every year to have home insurance, which is called a “premium.” Then, if your home or property get damaged (like from a fire), the insurance company will use the pool of money that they have collected from you and other customers to pay to fix your house, replace your property, or pay the medical bills of people injured in an accident in your home. Can I get home insurance if I’m a renter? Yes! There are actually three basic kinds of home insurance policies: • Policies for homeowners (and people buying a new home) • Policies for renters • Policies for people who live in condominiums or co-ops Most insurance companies will offer all three policies, and you choose the one that is right for you. In addition, some companies also offer policies for people who live in mobile homes. Get information on insurance for people living in mobile homes. What does home insurance cover? Most home insurance policies will cover most disasters except for fl
