THE HOMEOWNERS POLICY
Homeowners policies differ by which losses are covered, which coverage’s you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specific losses you want protection against.
Regardless of whether you own or rent, insuring the place you call home can help protect you financially in the event you suffer a loss due to fire, theft, vandalism, or other covered perils. Depending on where you live-a house, apartment, or condominium-an appropriate home insurance policy can provide the money you need to repair or replace your dwelling and/or belongings. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
The 2 types of homeowners policies are:
SPECIFIED PERILS— Covers losses resulting from perils specifically listed on the policy.
SPECIAL FORM— Covers losses resulting from all perils that the policy doesn't specifically exclude. (Also called Broad Form coverage.)For additional premiums, other losses such as earthquakes can be covered.
TYPES OF COVERAGES:
STRUCTURAL — Covers damage to your home or dwelling.
PERSONAL BELONGINGS- covers damage to items in or around your home or dwelling.
LIABILITY PROTECTION— Covers your legal responsibility for injuries or damage to other people or property. ADDITIONAL LIVING EXPENSES— Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.