Homeowners insurance does not cover the death of the owner. Homeowner's insurance protects the homeowner from sudden losses relating to the structure itself.
Life insurance covers the death of the homeowner. Benefits are paid to the policyholders designated beneficiaries. Often the homeowner is also the primary breadwinner, and that income is needed to continue making mortgage payments, and repairs to the property.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Interestingly enough, there are Homeowners' policies that do include some limited coverage for the accidental death of the homeowner and or a resident family member. The death must be, as I said, accidental and must occur on the insured property so there are limitations both in circumstance and settlement amount. It is best to do 2 things if this is a concern. First, check with your Insurance Professional about the specific terms and conditions of your policy. Then, regardless of the coverage that may or may not be in your Homeowners' policy, have a serious discussion about our Life Insurance needs and make that purchase - today.
Great question! While there are some policies that will cover a few cases of death, the vast majority will not. Many people assume that homeowners insurance covers much more than it does, so I can not stress enough the importance of understanding exactly what the policy does and doesn't cover before purchasing it. There may be cases where Liability coverage may cover, but again, it is a life insurance policy that typically pays as a result of a death, very rarely your homeowners. If I can help you more with this, please feel free to contact me. Thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
If you are concerned about the death of the owner, buy life insurance. Homeowner's policies are not designed to cover the death of an owner. The loss of the owner will be a far greater loss than the loss of the home in most cases. I have a close friend who lost her husband and later had her house burn to the foundation. She will tell you any day, insure the owner!
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Life insurance covers the death of the homeowner. Benefits are paid to the policyholders designated beneficiaries. Often the homeowner is also the primary breadwinner, and that income is needed to continue making mortgage payments, and repairs to the property.