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Becoming a homeowner is a major life accomplishment. The property can be used as collateral toward other projects and gives owners a sense of financial security. To protect such a valuable investment, homeowners insurance can be taken out on the property, giving peace of mind to the owners and ensuring that they will not be stuck in the cold when the unthinkable occurs.
Protecting a home is a huge financial responsibility, especially since most homes are purchased through loans and paid out over time. Homeowners insurance takes much of the financial responsibility off the homeowner to pay for damages or any liability claims inside. Homeowners insurance is also required to take out a mortgage on the property by the mortgage lender, so that if the property would be destroyed, the bank can still be paid back the value of the property. Homeowners insurance comes in several different forms that are written for different types of properties, however each homeowners insurance policy still must be tailor written for each situation.
The basic homeowners insurance policy covers damage to the property and possessions from eleven listed perils. Possessions that need to be covered by the homeowners insurance policy should be listed in the policy, otherwise they might not be covered in the event disaster strikes. Broad form homeowners insurance expands on basic homeowners insurance with the biggest difference being is expanded perils are covered. Broad form homeowners insurance protects against seventeen named perils, which includes the eleven covered perils in basic homeowners insurance. The most comprehensive homeowners insurance typically written for most homes is the special form homeowners insurance policy. The property is covered from all risks except those named in the policy, however the possessions in the home are covered on a named peril basis. The type of homeowners insurance with the most coverage is the premier homeowner policy. The premier homeowners insurance policy covers the possessions in the home under the same coverage as the property itself. Only listed perils are not covered for both the property and the possessions inside.
There are other types of homeowners insurance policies for special situations. Renters insurance is a type of homeowners insurance for tenants of a property. Typically, the owner of the property has insurance for the property however it is up to the tenant to insure their possessions inside. Renters insurance has a lower coverage and lower premium since the property does not have to be covered by the policy. Condominium homeowners insurance is for condominiums or other properties that are not the primary home for the property owner. Some homeowners insurance policies have occupancy requirements, so condominium homeowners insurance is a special policy for properties that do not meet those requirements.
Since the home is such an important investment, finding the best homeowners insurance policy for the property is extremely important. Many insurance providers offer homeowners insurance, and shopping around for the best policy for the property can be very difficult. Independent insurance agencies can do much of the shopping around by getting quotes from partner insurance providers, saving time and potentially money. Contact your local independent insurance agency to get the most competitive homeowners insurance quotes today.
About Board Walk Insurance: Boardwalk Insurance Group is licensed to write hotel insurance policies in over half the United States and has many other insurance solutions available through its affiliated insurance providers. For More Details visit http://www.boardwalkinsurance.com
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Boardwalk Insurance Group is a rapidly growing Independent Insurance Agency system in the United States. Learn More at Homeowners Insurance
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