We will discuss homeowners' insurance with its eight types. When you get really close to your home it's going to be an absolute requirement.

Your the lender is going to require you to have homeowners insurance there's so many different types out there it can be difficult to narrow down exactly what type of policy and what kind really best fits your needs.

So after today you will learn about the eight types of homeowners insurance.

One you have what's called a homeowner of one which is a basic you have homeowner,

Two which is abroad you have homeowner,

Three which is a special type of homeowners insurance and then underneath hob which is essentially a hybrid of a homeowner,

Three policy with open and named perils.

Fourth policy type that you have is a tenant or renters insurance.

Fifth type is comprehensive insurance.

Sixth type is condo insurance.

Seventh type is mobile home insurance.

Eighth type is like older home insurance.

So now that we've identified the eight different types of homeowner's insurance.

Let's go ahead and take a closer look at each one those leading in with the homeowner insurance number one the basic so the basic form of homeowners insurance is just that it's very basic and it'll usually financially safeguard against ten named perils so a named peril or something like what we're about to review and over these ten types of course.

Let's go ahead and get into those ten named perils underneath the basic form you have fire or smoke you have explosions you have lightning hell and wind storms theft vandalism damage from vehicles damage from aircraft and riots and civil commotion and lastly volcanic eruptions.

So you can sometimes get coverage for the belongings inside your home in addition to the structure itself but the items that you want coverage for generally must be specified at the time that you purchase your policy.


That's why it's so important to have this conversation with your insurance agents.

And know what kind of insurance you should have given the area that you live in floods and earthquakes are not typically covered with this type of insurance and neither is your personal liability.
So then what we look at is homeowners - which is the broad form and now the broad form is going to include everything.

That the basic did including now adding to your perils lists falling objects weight of ice snow or sleet freezing of household items like an AC or heating unit right sudden and accidental tearing apart cracking burning or bulging of pipes and other household systems accidental discharge or overflow of the water system.

So it's important to note what kind of inclusions and exclusions you're going to be getting depending on what kind of damage is caused and how it's caused in the Vince that led up to those events or what are called perils in the insurance world.

Then we move in to step three or the third type of homeowners policy which is a special form so the special form is a policy that is most common for a lot of homeowners namely because it covers a broad range in a house of interchangeability going on with it and the general affordability at large it covers all the perils that we're mentioning in a homeowner's policy number two.

Which is a broad form and if you remember the broad form also included everything in the basic form.

So it covers all of that so then what makes it well it doesn't limit the coverage of only the name pairs it can also provide more financial protection than the broad form of homeowner's insurance.

Which actually will include like your belongings personal liability and you can add additional riders to it such as for earthquakes floods because it's important to note that when it comes down to like earthquake insurance flood insurance different types of insurances like that those are special insurances.

So a lot of these like the first three that we've talked about so far the basic the broad and the special form of homeowners' insurance.

They will not cover earthquakes and floods just as a matter of practice they don't do that so you want to make sure that you're getting those special provisions as needed the reason.

When we were introducing the different types of homeowners insurance policies I mentioned underneath three you'd have something called like a hob.

So the hob is typically provided more coverage against water damage for the coastal areas of the United States.

It also could be for rural areas of the country for farmland consider that because it can covers things like garden tractors boat or both trailers lawnmowers.

Other similar accessories while they're on your property.

So it's important to know that now the fourth type of homeowners insurance is actually, attend it's called tenants form which is whenever you think of like renters insurance and Richards insurance generally covers the belongings that against some of the perils.

The second form of homeownership or homeowner insurance being the broad form and some of the additional living expenses of something where they happen to your rental unit.

It just really depends you need to check with your renter or you need to check with your insurance agent about renters insurance and see exactly what it's going to cover.

But generally, you're looking at getting your belongings covered in that the fifth a type is a comprehensive form so the fifth type of homeowner's insurance is a comprehensive type a comprehensive foreign policy covers more perils than any of the other types of policies.

Some similarities to a special form in the sense that you can also have an open peril policy that can financially safeguard you against perils unless the policy specifically excludes them in of the terms of the policy.

Now the following are typically excluded from a comprehensive form earth movement and floods settling shrinking bulging expanding your home's foundation your pets and other animals mold fungus and rot intentional loss war government action in nuclear hazard ordinance or law ordinance or law smog rust or corrosion.

Those are generally things that are excluded from the policy, so it's important to know that when it comes to your personal belongings the fifth type of homeowners' insurance being a comprehensive form typically covers more perils.

Than your average third version of your homeowner's insurance which is your special form and your personal liability is covered up to the limits that you choose.

So even though this form there being the comprehensive form of homeowners insurance is typically more expensive than the special form of homeowners insurance.

It may not be offered by all insurers it is the broadest type of homeowner's insurance that you can get.
So you need to check with your insurance agent and see if they offer the comprehensive form and if so how does that work and what are the terms that you're looking at.

What are you looking at whenever it comes with this type of comprehensive insurance?

The sixth type is simply for condos so with condos it protects the belongings and personal liability is also as known as condo insurance it typically extends to the walls two floors to a ceiling of the unit so some of the incidents covered underneath the typical homeowner's of policy generally applies to this sixth form of homeowner's insurance.

So something to think about there so the 7th form of homeowner's insurance is actually a mobile home form.

So the mobile home is obviously not the same as like a fixed home if you will so, there's a special type of homeowners insurance for that so that's the seventh type.

The 8th type here is for an older form older home forms so with an older home insurance what you're looking at is generally homes that are like annotated as historic in nature to register landmarks.

They're just what's considered old by the insurance standards again the best source of all this information about the different types of homeowners insurance policies they explain to them even in more detail is going to be your insurance agent.


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