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Homeowners insurance protects your financial interests if your home is damaged or destroyed by a covered peril. A peril is something that causes or may cause injury, loss, or destruction, such as a fire, tornado, or hurricane.
Insurance policies vary between insurers so you should always take the time to review the coverage included in your own policy to make sure you have the coverage you need.
Types of
Property Insurance
There are many different types of homeowners insurance policies available. Normally, the type of policy coincides with the type of structure to be insured and how the structure is occupied. The type of policy also correlates to the coverage available as well.
Owner-Occupied: The main difference between policies which cover an owner-occupied, single family home is the perils covered. Basic or Broad Form policies cover the structure for specified perils shown in the policy. Special form policies cover the structure for all perils except those specifically excluded in the policy.
Condominium Coverage: Condo unit owners need a Condominium Unit-Owners form which provides some coverage for the structure but primarily covers the personal property and liability of the insured. The condo unit owners policy also provides Loss Assessment Coverage. It pays for your share of expenses for a covered loss to common property shared by all unit owners, up to the coverage limit.
Renters: If you rent or lease your home, you need a renters policy to cover your personal property and liability.
Mobile Home: Many insurers have discontinued the sale of mobile home policies that duplicate Homeowners’ policies. Some insurers issue a dwelling form (discussed below) to cover a mobile home.