Types of Homeowners Insurance

Life Insurance TipsHomeowners insurance must be a priority purchase for every individual who lives on an owned or rented property. Depending on what type of home you are living in, there are different lines of insurance catered to cover various kinds of perils your abode may encounter.

You can choose from the following:
  • Owning a Home – The first type is the homeowners form which combines property coverage with liability coverage. Dwelling forms on the other hand only cover property losses. Both policy forms have the various peril coverage available for both your dwelling and your contents.
  • Owning a Manufactured Home – There are policy forms specifically designed to cover property for manufactured homes. This type of policy covers both dwelling as well as contents.
  • Owning a Condominium – Policies designed for condominium owners primarily cover contents. However, there is a small provision included to cover the portions of the dwelling that are your insurance responsibility as defined by the governing rules of the condominium.
  • Renting a Residence – If you are renting a residence, coverage for your contents is available through renter’s insurance.
  • Owning a Home on a Farm – If your primary dwelling is on a farm or ranch, you may not qualify for standard homeowners insurance. A farm owners policy may be the most appropriate form to cover losses to your home as a result of tornadoes or hail.

SOURCE: A homeowner’s guide to natural disasters

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