The home insurance policy is vital covers for every family to protect the home against the risks of fire and burglary, as well as damage to the contents and the explosion of plumbing pipes. It may touch cowl natural hazards like storms, floods and hurricanes.
The home insurance policy is a very important personal document for every family and home, and this document is spread in foreign markets, especially the United States, which are exposed to many natural hazards annually, such as hurricanes, forest fires, etc., and American insurance companies cover homes against the risks of burning, lightning, volcanic eruptions, storms and winds , Hail and riots, as well as damage caused by aircraft and sabotage, as well as frost and snow, explosions and smoke damage, damage caused by vehicles colliding with housing, water damage due to plumbing and other works, as well as damage caused by the water heater and falling objects on housing.
Home insurance covers
As for the home insurance policy, it covers the risks of loss or damage to the contents of the family dwelling as a result of the verification of any of the dangers of fire, explosion, water dangers, natural hazards and intentional harmful action by other than members of the insured’s family or those in his service, in addition to rent compensation in case the house is unfit For housing upon realization of any of the high risks, as well as personal accidents of the insured and his wife, and civil liability for the owner or others as a result of the realization of any of the previous dangers.
There are several criteria for determining the type of home insurance coverage. For example, in the United States there are some hurricane-prone states such as Florida and Texas that customers buy separate insurance coverage to insure against wind, hail and hurricane risks.
Exceptions to home insurance in the United States of America
The home insurance policy excludes earthquake risks, but some earthquake-prone areas such as Florida are forced to buy that independent policy to cover natural hazards such as earthquakes, and the states of Tennessee and florida State cowl the risks of landslides which will engulf some homes or part destroy them.
Although there are dozens of homeowner insurance companies in the United States, a large portion of the market is dominated by a few.
In 2017, the top five insurance companies accounted for 46% of the written direct premiums for multiple homeowner documents. Over the past five years, this pattern has been fairly consistent, and in 2012 the top five insurance companies had 47% of the total market share.