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For anyone, there home is the biggest asset and they would go any lengths to protect it. What better way than insuring it? Home insurances cover for all house and the house hold items so that in case of any damage, theft or loss of the house or house hold items, you are rest assured of being covered up for the charges. Once you insure your home, you are at peace of mind and don’t need to be bothered about losing a lot of money in case you are the victim of some calamity, theft or loss etc.
There are so many aspects to home insurance that they have been categorized into different types so that they suit your needs depending on various factors like where your house is located, of what material your house is made of etc. So since different people are located differently, the area being different, different home insurance packages have been designed.
The following are covered in Home insurance:
- Your personal belongings
- Home structure
- Liability that you owe to others etc.
You can purchase different types of home insurance policies from various companies. Each may differ on the covers that they offer.
There are two main types of home insurance – Building insurance and home content insurance. Buildings insurance covers the losses of structure or certain permanent fixtures in case of some damage to your home. It is necessary to ensure that your buildings insurance covers the entire rebuilding cost.
Home content insurance covers the cost for all your movable items like say jewellery, furniture etc. It offers enough cover to reimburse all the losses of your belongings. So, take care that you do not under insure. Companies offering cheap home insurance are not necessarily better than those quoting higher prices. This is a mistake buyers usually tend to make in order to save some money. Home owners always prefer cheap home insurance.
Basically there are seven set packages for home insurances:
HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-8
HO-3 is the most generally used package. Contents, home and structure in case of any destruction and damage come under this HO-3 package. Also, it provides coverage of liability for persons who have suffered injuries or had an accident on the insured property. It is also otherwise called as “all-risk” insurance.
HO-4 package is next most commonly used home insurance package after HO-3. It basically covers renters. It also includes covers additional living costs for medical payments and protection of liability.
For condominium owners, HO-6 is the specially designed package.
HO-1 package is a very standard coverage which gives covers in case of lightening damages and fire damages.
HO-2 is also termed as “broad coverage” which covers the property in case of theft, smoke damage, explosions etc. It also includes covers against freezing, building collapse etc.
HO-8 is also called as “older home” policy. It supports you to buy a policy for replacement. This explains that it covers some materials from your older home such as wall plasters and this policy will cover for building processes and materials in use.
In some states, these types of home insurance policies are categorized using different designations like HO-A, HO-C and so on.
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