Home insurance is the type of property insurance that covers private homes. Besides various personal insurance protections, it provides liability insurance for accidents that may happen at the home. This policy is effective for a fixed period of time. Policies can be divided into 7 basic types...
1. Basic homeowners insurance covering the home and property against losses due to 11 types of disasters - aircraft, wind/hail, explosion, riots/civil unrest, fire/lightning, vehicles, volcano eruptions, vandalism, theft, smoke, and self-damaging instances (part of building falls on itself, etc.).
2. In addition to the protections offered by the basic homeowners insurance, this covers damages by snow, falling objects, water and electrical damage.
3. The third type includes the first two plans as well as protection for extended/specialty items.
4. The fourth plan covers and protects personal property and is often referred to as renters insurance coverage.
5. This type provides complete risk coverage for the building and property.
6. The sixth plan is condominium coverage and covers personal property from disasters.
7. Older homes with historic value are covered by the last plan. Under this plan, the coverage is limited to repairs or cash values of the items involved.
You can legally own a home without home insurance. But bear in mind that every mortgagor would demand extensive insurance before they can do business with you.
When you apply for home insurance, you will be required to provide the insurance company with information such as the kind of home you own or rent, roughly how much your possessions are worth, and what kind of liability coverage you will need. These among other things would determine your rate.
If you want to pay far less for more, then don't fail to get and compare many quotes from reputable companies. It's quick, easy and free but could save you thousands in premium dollars over the years.
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