Types of Homeowners Insurance

Lack of knowledge about the different types of homeowners insurance may result in buying an unsuitable homeowners insurance policy and loosing large amounts of money. There are 6 main types of homeowners insurance.

Your choice of the type of the best homeowners insurance for you depends on the residence you dwell in. Homeowners, tenants, condominium owners have different types of homeowners insurance.

Homeowners insurance – 1 is for people who own a home.
This type of homeowner insurance provides coverage for damages caused by: Fire, lightning, wind, hail, vandalism, theft, malicious mischief, damage from vehicles and aircrafts, explosion, riot or civil commotion, glass breakage, volcanic eruption, and personal liability. That is the very basic coverage possible.

Homeowners Insurance - 2
In addition to the damages listed above this type of homeowners insurance provides coverage against building collapse, falling objects, windstorm, snow, sleet, etc. The second type of homeowners insurance is called "broad coverage"

Homeowners Insurance - 3
The third type of homeowners insurance is usually called "special". The third type is the most popular among all the types of homeowners insurance as it covers your house and detached structures against any perils with the exception of those specially mentioned. Earthquake and flood are usually excluded from the list of provide coverage.

Homeowners Insurance - 4
The fourth type of homeowners insurance is designed for tenants as it covers your belongings against perils similar to the perils of the homeowners insurance-2. Homeowners insurance-4 also provides money for medical and living expenses if necessary.

Homeowners Insurance - 6
This type of homeowners insurance is for condominium owners who need more protection than that provided by the association policy. For the list of perils see the second type of the homeowners insurance.

Homeowners Insurance - 8
Homeowners Insurance 8 is for the owners of old house that are built using old materials that are not popular today. When you need a replacement covered by your homeowners insurance policies your old materials will be replaced with new one. Your insurance company will cover your expenses on replacement.

Several types of homeowners insurance are for the home owners (homeowners insurance – 1, 2, 3, 8), while homeowners insurance – 4 is for tenants and homeowners insurance – 8 is for condominium owners.

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