Home Insurance
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Compare Coverage Options for Home and Renters Insurance
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Although the concept of homeowners insurance grew out of the Great Fire of London in 1666, coverage was generally limited to fire damage and was pretty much a luxury item for a wealthy few. The modern version with comprehensive packages to cover a variety of losses wasn’t widely available in the U.S. until the 1950s. Today, standardized policies protect residential structures and their contents. The most widely sold policies include single-family homes, condominiums, townhomes and mobile homes. Renter’s policies, which cover the loss of personal possessions in a rental unit, are gaining in popularity, too. In fact, many landlords now require them as a condition of occupancy.
What’s Covered?
Homeowner’s insurance policies are basically written as All-Risk (or Open Peril) or Named Perils. Named Perils policies cover only what is specifically spelled out in your policy; All-Risk covers everything EXCEPT what is specifically excluded. Policies can be written to pay claims at Actual Cash Value or Replacement Cost. Other choices you’ll have to make will include the size of your deductible, endorsements to cover certain classes of valuables, and additional coverage for special types of risks such as earthquake and flood, which aren’t included in standard homeowners policies. If you have a mortgage, your lending institution will certainly insist that you carry enough insurance to protect its investment.
Renters insurance, on the other hand, only covers your personal property (furniture, clothing, etc.) against named perils. Like homeowners policies, renters policies will also provide some liability protection if someone is injured while inside your rental unit. Some policies may also cover small alterations you make to the interior, but in general, the owner is responsible for insuring the structure.
What Kind Of Home Insurance Do You Need?
A number of factors determine the cost of insurance premiums – everyone’s situation will vary. What’s important is to compare policies and read the terms carefully to understand what you are buying, what you’re agreeing to do to maintain coverage, all the exclusions, what the insurer is agreeing to honor and under what circumstances. Ask questions and take notes. It’s also important to review your policy every year or so to make sure you still have adequate protection to cover the loss of new purchases, home improvements and rising property values.
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Homeowners Insurance State Guide
Frequently Asked Questions (FAQs)
Get clear answers to common insurance questions and important details to guide your coverage decisions.
What is home insurance and do I need it?
Home insurance, also known as homeowners insurance, provides financial protection for your home and personal belongings against various risks such as fire, theft, and natural disasters. It also includes liability coverage for accidents that happen on your property. Home insurance is essential for protecting your home and personal assets from unexpected events. It also provides liability coverage in case someone gets injured on your property. Mortgage lenders usually require home insurance to protect their investment.
Why is home insurance important?
Home insurance is important because it provides financial protection against unexpected events that can cause significant damage to your home and personal belongings. It also offers liability coverage for accidents that occur on your property.
Are there different types of home insurance policies?
Yes, there are several types of home insurance policies, including HO-1: basic coverage; HO-2: broad coverage; HO-3: special form, the most common type; HO-5: comprehensive coverage; HO-6: condo insurance; and, HO-8: modified coverage for older homes.
What is not covered by home insurance?
Standard home insurance policies typically do not cover damages from floods, earthquakes, or normal wear and tear. You may need additional policies or endorsements for these types of coverage.
What should I consider when buying home insurance?
When buying home insurance, consider the coverage limits, deductibles, and any additional endorsements you might need. It’s also important to review the insurer’s reputation and customer service ratings.
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