Homeowners insurance is a form of property insurance that covering losses and/or damages to a house and to assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

When a mortgage is necessary on a home, the homeowner is required to provide proof of insurance on the property before the lending bank can issue a mortgage.  Payments that are made toward a homeowners insurance policy are generally included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment distributes the portion for insurance coverage to an escrow account. When the insurance bill comes due, the amount owed is paid from the escrow account.

A homeowners insurance policy generally covers the following four incidents on the insured property.

1. interior damage
2. exterior damage
3. loss or damage of personal assets/belongings
4. injury that occurs while on the property

Every homeowners insurance policy has a liability limit, which determines the amount of coverage that the insured has should an unfortunate incident occur. The standard limits are usually set at $100,000, but the policyholder can opt for a higher limit. In the event that a claim is made, the liability limit requires the percentage of the coverage amount that would go toward replacing or repairing damage to the property structures, personal belongings, and costs to live elsewhere while the property is being worked on.

Our 15+ years of experience and our relentless commitment to exceptional customer service make Twin Palms Insurance Group different. No two businesses are exactly the same and we are committed to offering flexible and intelligent underwriting solutions, with coverage tailored to a business’s needs. We also don’t shy away from complex risks. Contact Twin Palms Insurance today to discuss your options.