What is Homeowners Insurance?
And why you need it
Homeowners insurance secures your financial interests if your home is destroyed or damaged by a covered peril. The ten named perils are: fire, wind or hail, explosion, civil commotion, aircraft, vehicles, smoke, vandalism, theft, and falling objects. Six additional perils are ice or snow, water, appliance malfunction, freezing, electrical damage, and volcanic eruption.
Home Insurance Basics
Types of Home Insurance
10 named perils
Mostly nonexistent nowadays, but cover actual cash value of home. Premium rates based off several factors.
10 perils + 6 more
Cover dwelling at its replacement cost and personal property at cash value. Premium rates based off several factors.
All-risks coverage for named perils and personal property. Some excluded perils.
Most common. Covers replacement cost and personal property at cash value. Premium rates based off several factors.
HO-4: Content Broad
Renters insurance for personal property, liability, and living expense. 16 perils.
Personal property covered at its replacement cost. Premium rates based off several factors.
Similar to HO-3, with some notable differences
Best and most robust form of home protection. Mostly for high-net-worth properties. Premium rates based off several factors.
Condo insurance. Coverage can vary with HOA insurance.
Includes personal property, loss of use, personal liability, and medical payments. Premium rates based off several factors.
HO-7: Mobile Home
HO-3 designed for mobile homes.
Includes most types of mobile homes. Premium rates based off several factors
HO-8: Modified Coverage
10 named perils. Reimbursement based on home cash value.
For homes that don’t meet insurer standards (older homes). Home can be covered without full updates. Premium rates based off several factors.
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