home insurance california
Insurance is homeowner is a requirement to have a house in California?
What exactly does homeowners insurance cover anyway? How is this different from theft, earthquake and flood insurance?
No, not required by law, although the association may want you to lead, and a lender will require you to carry it, if you need to borrow money to buy it. fire and theft are 'the risks covered. Home Insurance is an agreement which is packed in a lot of coverage, not only fire and theft. You can not pick and choose – you have to take them all – but you get a great discount on the "cafeteria style" insurance. It is much cheaper to buy the package deal than it is to pick and choose which type of coverage you want. Oh, and flooding is always a separate policy. It is necessary to sit down with an agent to explain all coverages. In reality, very few few different types of 'owners' insurance policies – a house may need a HO3 form, or if there is a master policy in place, a form ho6. Earthquake is an option – make sure you add it. You also need loss assessment coverage, if a partnership, and backed up sewers and drains.
