Typically, a homeowners insurance policy will not cover damages caused by flooding. If you want coverage for that type of situation, you have to buy a separate flood insurance policy. Green Tree Insurance has combined the two policies into one. This is great for homeowners!
Green Tree Insurance sent a very interesting email to my husband today. We have a mortgage with this company, and it isn’t unusual for people to get email from places that they have a loan with. This email had some unexpected news that I thought was important enough to share.
When you buy a house, you might be expected to purchase a homeowners insurance policy at the same time. Some states have laws that require this to happen. If you live in a state that doesn’t have these types of laws, it is still a good idea to go ahead and purchase that type of insurance coverage.
A typical homeowners policy provides some financial assistance for you to repair, or replace, things that got damaged through no fault of your own. It covers the structure of your house, and the contents inside it. It also covers damages that happen to your garage, shed, yard, driveway, and things like that.
So, if a fire happens, your homeowners insurance should cover the cost of replacing, or repairing, whatever was damaged from the fire itself, or the water damage caused when the firefighters put out the fire. If someone breaks into you house, and steals your TV, your homeowners insurance can help you with some funding to replace it.
Most of the time, a homeowners policy will exclude coverage for flood damage. You have to purchase an entirely separate flood insurance policy for that. However, Green Tree Insurance is offering a homeowners policy that includes flood coverage at no extra cost. This could help homeowners to save a little money on the insurance that they need to buy.
Another helpful thing about Green Tree Insurance is that they do sell homeowners insurance policies that cover manufactured homes. As someone who owns a mobile home, let me assure you that very few insurance companies will sell that type of homeowners insurance. I have no idea why.
In any case, I do try and pass along helpful insurance information in this blog when I can. Just to make things clear, I am not receiving any financial compensation, or other “perks” from Green Tree for writing this blog. In fact, they have no idea that I planned on writing it.
Image by Howard Lake on Flickr