Buying insurance for your home is a simple process if you know what type of coverage you need. The type of home you have will determine the type of policy form you need. Next, you will need to determine how much insurance you require. You can choose a basic policy that provides minimal coverage or a comprehensive one that covers all perils.
Homeowners insurance covers a more traditional home, usually a single-family structure without a lot of extras. The following four forms provide a wide range of coverage.
Renters insurance is meant to protect your possessions while you are living in a dwelling you don't own. This is a must-have to protect you from financial loss in case someone is injured in your home, or their property is damaged.
Condo insurance is also known as a "walls-in" type of policy since it covers the walls, ceilings, and floors.
A mobile home is different than most traditional homes. While the coverage is similar, it does have subtle differences. It is most similar to the HO-2, but the perils may not always be the same.
No matter what type of homeowners policy you have, there will be a few exclusions. This includes specific natural disasters like hurricanes, floods, and earthquakes. While these don't occur everywhere, they are common and quite costly. If you live in an area prone to these perils, you must purchase additional coverage. It's also important to remember that certain possessions may be more valuable than you think and will require a supplemental policy.
While looking for homeowners insurance, you must familiarize yourself with the policy forms. Contact us at Kneller Insurance Agency today to learn about which form may apply to you.
