Do I Need Home Insurance
A person’s house is seen as the safest shelter in their life, but how can one ensure that their home, their place of warmth and safety, will always be safe to give them the shelter they need? Owner insurance provides that peace of mind by being a package policy that covers losses and damages to an individual’s home, property and assets.
Under the homeowners insurance, policies will likely cover damages caused by catastrophic events such as fire, wind storm, hail, lightening, theft, vandalism, explosions, sudden or accidental tearing or bulging of heating systems / cooling, riots or civil commotions. Objects, freezing of plumbing services, sudden and accidental discharge of plumbing water or household appliances and sudden and accidental electric currents generated artificially.
Certain events such as floods, earthquakes, maintenance damage, and sewer backups are usually not included in homeowners insurance. Flood insurance can usually be purchased with the National Flood Insurance Program, and earthquake insurance is usually sold as a separate policy and / or support to homeowners.
It is usually purchased together with the owner insurance in most insurance companies. While buying homeowners insurance is critical, it is extremely vital that homeowners/renters buy the type of homeowners insurance they need.
There are currently eight different types of home insurance:
- HO7-Mobile Home
- HO8-Older Home Insurance
The most common type of insurance homeowners is HO3-Special, since it covers more than HO1 and H02, which is financially a better offer than the last two.
HO1-Basic is usually not a best seller in today’s sales, because other types of home insurance offer more protection for a better price. For example, HO2 Broad, protects all HO1, and even more like the structure of the house, belongings, and even personal liabilities in some situations.
HO3, the most purchased home insurance, covers both HO1, HO2, and even more, such as the property that is attached to the home, such as garages or decks, belongings and liability in the event that someone would damage the property . HO4, HO6 and HO8 are all incredibly similar in that they only protect personal belongings and responsibility, not the building structures. The difference between HO4, HO5, HO6 and HO7 are:
- HO4- For tenants
- HO5- also protects the walls, floors and ceilings of the unit
- HO6- For people who live in condominiums
- HO7- For owners of mobile homes, etc.
Finally, HO8 is incredibly similar to HO3, but it is better to suit for older homes for their own type of needs and protections.