Home Insurance – Types of Policies


There are different types of Home insurance policies and we would try to look at the major ones.

1, Basic homeowners
2, Basic homeowners plus
3, Extended or Special homeowners
4, Renter's coverage
5, Condominium coverage
6, Basic older home

Basic homeowners. This type of coverage covers your house and personal properties from these 11 perils: Fire or lightening, windstorm or hail, explosion, riot or civil unrest, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, damage by glass or safety glazing material that is part of a building, and volcanic eruption.

Basic homeowners plus. provides coverage for your house and personal properties from all of the 11 perils above in addition to the following six perils: Falling objects, Weight of Ice, snow or sleet, three categories of water related damage from home utilities and appliances, and damage from electrical surge.

Extended (special) homeowners. This policy covers your house and personal properties against all of the above listed perils and more not listed on your policy excepting flood, earthquake, war, and nuclear accident.

Renters coverage. This policy covers only personal properties from the 17 perils listed above.

Condominium coverage. This policy also covers personal properties from the 17 perils listed above but could include certain building items that might hold an insurance interest for the unit owner.

Basic Older home. This policy is similar to basic homeowners but differs from it in that the policy covers repairs or actual cash value. It does not cover rebuilding costs. This policy is usually for homes that have historic or architectural interest that might make replacing or rebuilding it significantly higher than its actual market value.

At the end of it all, everyone is concerned about getting the best at the least rate and this is normal in fact this is a responsible way to think. So to get your best rates, you need to get and compare free quotes online. That way you can compare between several insurers.

Start with these two reputable sites.

Source by Chimerenka Odimba