What are Different Types of Homeowners
Insurance

What are different types of homeowners insurance? Since there are many different types of insurance for homeowners and renters, finding out which type of insurance is best for your particular situation is important.

Homeowner insurance is a policy designed to cover the costs of repairing or rebuilding your home in the event of a natural disaster or other occurrence. In some instances, the policy also covers the cost of repairing or replacing contents within the house, but this differs from one policy to another. Liability insurance – which is usually included within a homeowner insurance policy – also covers homeowners in the event of a lawsuit stemming from a visitor's injury on the property.

Insurance policies for renters also fall into the same category of homeowner insurance.

Your preferred insurance company can explain the particulars behind the various homeowner policies they offer. Not all insurance companies offer every type of homeowners insurance, and some companies only offer policies within certain geographic locations.

What are different types of homeowners insurance? The following is a generalized list of the different types of homeowners insurance. Keep in mind that the policies offered by insurance companies vary from one insurer to another.

• Basic homeowners policy: The most basic homeowners policies are designed to cover only a limited number of instances. Occurrences that are commonly covered within a basic policy include fire damage and damage caused by lightening. These policies are generally the cheapest to purchase, but can leave homeowners susceptible to huge expenses from unexpected expenses.
• Extended basic homeowners policy: This policy extends beyond the basic policy and includes a longer list of covered occurrences. What is covered on the policy depends on the amount of coverage purchased by the applicant as well as the coverage offered by the insurance provider.
• Complete homeowners insurance policy: This type of coverage includes coverage for a long list of occurrences as well as the contents within the home and any detached structures considered a part of the home (such as a detached garage or permanent shed). This does not usually include flood insurance, as this is most often considered an additional rider.

Homeowners who rent out their homes to tenants need a different type of policy. They may elect to not cover the personal property of tenants, but should have ample liability insurance on the home to avoid potential huge costs associated with lawsuits.

Some coverage is usually provided through the condo association of the building, but additional coverage can be purchased by individual condominium owners. It is important to know what coverage already exists before buying additional insurance.

Mobile home owners require similar coverage to homeowners with permanent structures, but some insurance providers will not supply coverage to mobile homes. Policies usually include coverage for the mobile home but not for the land it sits on.

While renters do not need to carry coverage to replace a home in the event of a disaster, they should have adequate policy to replace or repair the contents from within the home. Liability coverage is also suggested by many insurers.

Additional insurance riders for homeowners insurance policies include:

• Flood insurance
• Valuable personal property coverage
• Additional fire protection
• Electronics coverage

Different insurance companies offer different policies at varying costs and availability. Speak with your preferred insurance provider to find out what coverage is available.

The amount of coverage you need may be dictated by your mortgage lender.

It is never a good idea to drop homeowners coverage unless you can completely cover the cost of replacing your home in the event of a disaster. Since this would prove to be a huge financial problem for most people it is vital that adequate homeowners insurance is in place at all times.

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