subject: Homeowners Insurance Information [print this page] Purchasing and owning a home opens the doors to a lot of opportunity. Home ownership allows the homeowner to take out loans against the home to finance other investments. To protect the home, while it is being purchased or when a mortgage is taken out on the property, homeowners insurancemany times, is required. Homeowners insurance is also helpful even if the house and any loans against it are paid off.
Homeowners insurance protects from many different perils and includes property and liability insurance coverage. Since homes come in many shapes in sizes, homeowners insurance has to be very adaptable to a wide variety of properties. Homeowners insurance comes in many different types with the main difference being what perils are covered by the homeowners insurance policy.
The basic form homeowners insurance policy should satisfy most lenders when a home is purchased on a loan or a mortgage is taken out on the home. The homeowners insurance policy protects against eleven listed perils. The perils include fire, wind damage, vandalism, theft, vehicular damage, and others. Contents are protected from these same perils however the contents the homeowner wants protected must be specifically listed in the homeowners insurance policy. A broad form homeowners insurance policy includes coverage protecting the home from the same perils as the basic form homeowners insurance policy plus another six perils. The most popular form of homeowners insurance is a special form homeowners insurance policy. The special form homeowners insurance policy provides coverage from many different perils and is the most basic form of homeowners insurancethat lists excluded perils. This means, if damage is caused by anything not listed in the homeowners insurance policy, the damage is covered. If damage is caused by a peril listed on the homeowners insurance policy, the damage is not covered. Contents listed on the homeowners insurance policy are still covered on a named peril basis in the special form homeowners insurance policy. The premier homeowners insurance policy is one of the most comprehensive homeowners insurance policies available. The premier homeowners insurance policy excludes damage on a named peril basis, and excludes less perils than the special form homeowners insurance policy, meaning it protects property from more causes of damage.
Homeowners insurance can be a very complicated insurance policy, especially since there are so many different variables to a homeowners insurance policy, just as there are so many different kinds of houses. There are even special kinds of homeowners insurance policies for special properties not discussed in this article. For help finding the best homeowners insurance policy for your property, contact an independent insurance agent. Independent insurance agents can use their connections with affiliated insurance providers to find the best homeowners insurance policy for your home.
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by: Mathew Hussey
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