home insurance

Home Insurance

Home insurance or homeowners insurance is insurance of property, mainly private homes. It can include many things connected with the home including loss of its contents, liabilities such as accidents, fire and loss of the home itself. It also protects the family from losing the home if the borrower, or person who holds the mortgage, dies or becomes mentally or physically unable to continue to make mortgage payments. There are several different types of home insurance including basic homeowner policy, broad homeowner policy, all risk homeowner policy, renter's insurance, premier homeowners policy, condominium policy and for older houses.

The basic insurance policy covers 11 listed problems; fire or lightning, vandalism or malicious mischief, windstorm or hail, damage from vehicles and aircraft, theft, explosion riot or civil commotion, glass breakage, volcanic eruption, smoke and personal liability. Earthquakes and floods are exceptions. The broad policy adds six more perils which are usually named. The most comprehensive policy is the all risk with the perils named but it also excludes flood and earthquake. The others are a modified form of these basic three. It is important not to get a cheap insurance policy that does not cover enough possible perils.

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