Legacy Insurance Agency - Home Insurance

There are several basic types of home insurance that offer different levels of coverage. Each type of home insurance policy provides coverage for certain perils. A peril is the particular event that causes the damage or destruction of the home. Some types of home insurance policies will name the perils specifically, and others will exclude them. What you need out of home insurance depends on your home and what you want to cover. Read below to understand what is included across different types of home insurance coverage.

This insurance only covers damage to the dwelling as a result of 10 listed perils, and does not include homeowners personal liability insurance. Therefore, if you're sued by someone who slips on your property, your insurance company won't defend you in court or pay the plaintiff if you are found to be at fault. If you have a mortgage, you would not buy this type of insurance as it would not provide you adequate protection to insure your home. The ten perils the Home Insurance Policy will protect your home and belongings from are:  

1. Fire or Lightning  

2.Wind storm or Hail 

3.Explosion  

4.Riot or Civil Commotion  

5.Aircraft   

6.Vehicles (unless caused by the insured)   

7.Smoke   

8.Vandalism or Malicious Mischief

9.Theft (limit of liability on HO-1 is usually $1,000)  

10.Volcanic Eruption

This policy is sometimes called the broad coverage policy. This is similar  to the Special Form Policy listed below because it covers the dwelling (house) and other structures (detached garage, fence), but it insures against only specifically named perils. The policy includes more perils than basic coveraqe and offers homeowners personal liability coverage. The sixteen perils that your home and belongings are protected from with the  Broad Coverage Policy are:  

1.Fire or Lightning  

2.Wind storm or Hail  

3.Explosion  

4.Riot or Civil Commotion  

5.Aircraft  6.Vehicles  

7.Smoke  

8.Vandalism or Malicious Mischief

9.Theft  

10.Volcanic Eruption  

11.Falling Objects  

12.Weight of Ice, Snow, or Sleet

13.Accidental Discharge or Overflow of Water or Stream  

14.Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging

15.Freezing  

16.Sudden & Accidental Damage from Artificially Generated Electrical Current

This policy insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excludedâ€"you may want to cover exclusions with special home insurance riders. The contents of your home are only covered against listed perils, so be sure to read that list in your policy. This policy also includes liability coverage. If the damage to your home is not caused by something on an exclusion list, then you have coverage. 

This is the only insurance policy designed for renters. It is however, part of the homeowner's policy group. It is known as the tenant homeowner's policy as well as the Contents Broad Form policy, and it covers only the contents of the home and personal liability for the insured tenant. The policy also covers additional living expenses if a renter is displaced due to a covered loss, medical payments to others, as well as the liability protection.

This coverage is one of the best home insurance policies available in the United States. It provides excellent coverage for the dwelling itself and for the contents of your home. It is an open perils policy, which means it only lists the perils the policy does not cover. If your home and/or personal property are damaged by something that is not on the exclusion list, then you have insurance coverage. This policy provides the most extensive coverage that is offered. It is one of the most elite home insurance policies available to homeowners.

Condominium Insurance

This insurance covers a condominium owner who wishes to insure items not insured by the association policy, as well as the personal property inside the unit. This condo insurance focuses on contents and is similar to Renters insurance because the policy holder does not own the structure the unit is in. This policy includes liability insurance as well, which means you'll be covered if someone is injured in your unit and wants to sue. It also is a name peril policy and it covers against sixteen named perils. This protection covers both your dwelling and your personal property.