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About Homeowners Insurance Coverage

Why you need Homeowners Insurance After putting all your money into buying a home, you need to protect your most valued possession.  This is why you need home insurance coverage and need to buy a policy. It’s not easy getting a home insurance policy, especially with the number of companies you’ll find that offer this type of coverage. They’re all competing for your business and offer various packages with many options to pull you in. You need to know what the options are and the different types of policies exist. You’ll see this when you’re shopping for the best policy coverage for you at the best possible price.  Some options may not be needed and some are.  You’re needs will determine the cost. You need to research the company you are considering buy a homeowners policy from and find all of the options that are offered and available to you.  Get every bit of detail as possible.  Do not buy a policy from the first provider you find since they may not offer the best rates for the same coverage.  Look around and contact other companies with the same options to request quotes from.  Then compare and select the best company. Here is some basic information about your available homeowners insurance options: The HO-1 Policy This covers the whole home including items in it such as fixtures installed.  It is also known as the Homeowners Basic Policy- 1.  This means that if there is ever an accident, a fire, or damage due to inclement weather, your home is covered for the cost of the damage. This homeowners policy will also cover other items of value in your home such as your furniture and appliances but this is dependent on the types of damage stated in the policy agreement. Normally, there are ten different types of damage that may be covered. There are some companies in various states that are no longer providing this type of homeowners policy coverage because of redundancy. The HO-2 Homeowner’s Policy This type of policy has more coverage that the HO-1 policy.  With the comprehensive coverage, it will cover as many as sixteen different types of damage to the property including the fixtures and the valued assets you have. The HO-2 policy will include coverage of the heating system, air conditioning system, ice damage, damage due to power failures as well as plumbing and heating. This is a good policy type to choose if you live in a colder region where freezing is common. The HO-3 Policy Coverage The third type of policy for homeowners insurance is different from the other two types in that it is home structure- oriented.  It is also called a Special HO Policy.  It will cover damages incurred through any hazard excluding hazards that are specifically excluded by the company you are purchasing the homeowners insurance policy from. Now that you know what’s covered, you should be able to select the best policy for your home and also fits in to your budget.
© Mortgage Hub, All Rights Reserved
Mortgage Hub Mortgage Information

About Homeowners Insurance

Coverage

Why you need Homeowners Insurance After putting all your money into buying a home, you need to protect your most valued possession.  This is why you need home insurance coverage and need to buy a policy. It’s not easy getting a home insurance policy, especially with the number of companies you’ll find that offer this type of coverage. They’re all competing for your business and offer various packages with many options to pull you in. You need to know what the options are and the different types of policies exist. You’ll see this when you’re shopping for the best policy coverage for you at the best possible price.  Some options may not be needed and some are.  You’re needs will determine the cost. You need to research the company you are considering buy a homeowners policy from and find all of the options that are offered and available to you.  Get every bit of detail as possible.  Do not buy a policy from the first provider you find since they may not offer the best rates for the same coverage.  Look around and contact other companies with the same options to request quotes from.  Then compare and select the best company. Here is some basic information about your available homeowners insurance options: The HO-1 Policy This covers the whole home including items in it such as fixtures installed.  It is also known as the Homeowners Basic Policy-1.  This means that if there is ever an accident, a fire, or damage due to inclement weather, your home is covered for the cost of the damage. This homeowners policy will also cover other items of value in your home such as your furniture and appliances but this is dependent on the types of damage stated in the policy agreement. Normally, there are ten different types of damage that may be covered. There are some companies in various states that are no longer providing this type of homeowners policy coverage because of redundancy. The HO-2 Homeowner’s Policy This type of policy has more coverage that the HO-1 policy.  With the comprehensive coverage, it will cover as many as sixteen different types of damage to the property including the fixtures and the valued assets you have. The HO-2 policy will include coverage of the heating system, air conditioning system, ice damage, damage due to power failures as well as plumbing and heating. This is a good policy type to choose if you live in a colder region where freezing is common. The HO-3 Policy Coverage The third type of policy for homeowners insurance is different from the other two types in that it is home structure-oriented.  It is also called a Special HO Policy.  It will cover damages incurred through any hazard excluding hazards that are specifically excluded by the company you are purchasing the homeowners insurance policy from. Now that you know what’s covered, you should be able to select the best policy for your home and also fits in to your budget.