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What Types of Homeowners Policies are Available to
Me?
Many people believe that homeowners insurance is just
for the person who owns their home, as the name can be
rather misleading. However, there are a number of
homeowners insurance policies available that vary from
state to state and whether you rent or own your home or
condominium.
For instance, if you own your home, there are basically
three types of policies available to you, four if you
are in a few states. The first level of homeowners
insurance is a limited coverage policy, which only
covers you against basic disasters like fire,
lightening, wind, hail, explosion, riot, aircraft,
vehicles, smoke, vandalism, theft, and volcanic
eruptions. This coverage is only available in a few
states.
The next level of coverage for a homeowner is called the
basic policy, as it covers your home for the disasters
in the limited coverage policy plus falling objects,
weight of ice/snow/sleet, water damage from
plumbing/sprinklers/air conditioning. It also provides
coverage for damage by the breaking of a hot water
heating system, frozen pipes, and artificial generated
electric current.
However, if the basic policy still does not seem enough,
then people can obtain the most popular policy which
protects the homeowner from any disaster except those
that are specifically excluded in the policy. This is a
good policy if you own a multi-family home that you will
be renting out to others. The excluded disasters are
usually floods, earthquakes, war, nuclear disasters, and
landslides. Check with your insurance provider to find
out exactly what is excluded and if you can purchase the
special coverage to protect you in those disasters.
The fourth homeowners policy available is for the older
home. This coverage usually will only reimburse you for
damage on a value based on the replacement cost minus
depreciations. Some older homes are not eligible for
full replacement coverage based on their age and
condition.
Now, if you do not own your home, there is also a
homeowners policy for renters. These policies were
specifically created to protect the possessions and any
parts of the apartment that you own. The disasters
covered in a renters policy are usually the same as what
is in the basic homeowners policy.
Finally, if you have a co-op or condo, there is a
special homeowners policy for you, too. Some people
believe it is only for those who own houses, but
condominium owners need coverage, too. It will provide
coverage in case of the same disasters as the basic
homeowners policy, and will cover all of the structural
parts of the building you own.
Check with your insurance provider to determine what
type of coverage is right for you and to make sure you
have enough coverage to replace your possessions should
any disaster happen.
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Owning a home does not mean you need to be without
homeowners insurance protection. Obtain a quote to see
just how inexpensive it is to protect your assets
through a homeowners insurance policy. Use our "free
quote box" above and get free online
home
insurance quotes today from carriers in your area!
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