Homeowners Insurance Coverages
What type of coverage do you need?
Property coverages can ensure that you can repair, rebuild or replace your home. There is peace-of-mind knowing
that a property loss doesn't have to mean a financial loss, whether it's a dwelling, other structure or your own
personal property. And you can get even more:
Loss of use coverage pays for temporary housing, when needed. The
Special Form policy covers a wide variety of perils; from
fires to thefts, to ice dams. And there are
extra coverages, for customers who own computers or high value jewelry, or for locations prone to Earthquakes.
Personal liability (Coverage E)
and
medical payments (coverage F) to others coverage protects you, no matter where you are. These coverages pay medical
expenses, bodily injury and/or property damages that may be awarded against you if you are legally responsible. Any necessary
court costs are also covered. Most Insurance companies also offer condo and renter's insurance. See
H04 and
H06 below.
Many of the terms used here are explained in the
Glossary section.
Auto insurance information
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Common Homeowner's Insurance Policies
This is a "Special Form" policy that covers all perils
except those specifically excluded by the policy:
Coverage
C - Personal Property (50% of Coverage A)
Covers Named Perils. It insures everything that an HO3 policy does
except for buildings. Typical coverage amounts include:
Unlike the HO4 policy, it insures the inner walls of the condominium
or townhouse, and can also cover gaps in a condo association's
coverage. Common coverage amounts include:
DF
Policy If you own a home, but rent it to someone
else, you may opt for a Dwelling Fire Policy. Because you are not the
occupant, this does not include theft, liability, or medical coverage,
unless you add it through your Insurance company. (See below). Common
types of coverage include:
Coverage
D - Fair Rental Value (10% of Coverage A)
Extra Coverages
The standard, Special Form policy will insure you against fire,
lightning, wind, hail, snow, ice, explosion, smoke, theft, vandalism,
falling objects and freezing pipes. But some homeowners and renters
face the specific hazards of earthquakes or floods, while others may
have valuable computer equipment, or expensive art or jewelry that is
not covered by a standard policy. Most Insurance companies offer extra
coverages, called endorsements. These allow you to be very specific
about what property is insured and for what amount.