Types of Homeowners Insurance
It is so exciting to go house shopping, and even more exciting when is your first home. You create an image on how your life will be in your new home that you can call yours. You start visualizing how you will decorate all the walls and space. But, once you buy the house of your dreams, what will be the next step. One of the important decisions to make is choosing the home insurance that is best for you and your family. You want to be covered to protect your family and your dream home. I invite you to keep reading and learn more about the different homeowners insurance policies.
This insurance policy can include, but not limited, losses in the house, personal possessions or even liability in case of an accident. Did you know which one is the best fit for you?
If you own a Single- family home or planning to buy one this are the most common Home insurance
Homeowner Insurance 1:
This is a simple policy, because only protects the basic of perils. It's a limited coverage, this means it only covers the structure itself from around 10 perils, such as: Fire or smoke, Explosions, Lightning, hail and windstorms, Theft/Malicious Mischief, Vandalism, Damage from vehicles, Damage from aircraft, riots and civil commotion, Volcanic Eruption.
This are some of the perils that are not cover in this policy:
-Weight of ice, snow, or sleet
-Freezing of household systems (AC or heating)
-Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems
-Accidental discharge or overflow of water or steam
-Sudden and accidental damage from artificially generated electrical current.
- Personal Possessions/ Personal Liability Coverage
Homeowner Insurance 2:
This type of insurance is very similar to HO1, but it has their differences. It covers the 10 perils that its include in HO1, in addition it covers another 6 perils that the basic insurance does not. These are:
-Damage from the weight of snow, ice, or sleet
-Water damage from plumbing, heating, or air conditioning overflow
-Water heater cracking, tearing, and burning
-Damage from electrical current
Excludes coverage from HO-2:
Some HO2 policies includes personal liability protection and/or personal belongings.
Homeowners Insurance 3:
HO-3 is the most common type of home insurance policy. The homeowners policy special form covers your dwelling, personal property and your liability. In this type of policy you will have open perils and named perils. The open perils refers that all risk of direct loss are covered, except when other type of insurance is needed. Named perils means that if it's not written in your policy is not covered.
Homeowners Insurance 5:
This type of insurance is open perils, just like HO-3, that can protect all perils unless they are excluded from the policy. I will mention the most typical perils that are excluded:
- Earth movement (like an earthquake, landslide, or mudslide)
- Water damage
- Damage from or infestation of birds, vermin, rodents, and insects
- Neglect, deterioration, and general wear-and-tear
- Settling, shrinking, bulging, or expanding of your home's foundation
- Your pets and other animals
- Mold, fungus, and rot
- Intentional loss
- War, government action, and nuclear hazard
- Ordinance or law
- Smog, rust, and corrosion
For the personal belongings HO-5 covers more perils than HO-3, and for the liability is cover depends on the limits you choose.
If you own a Co-op or Condo:
Homeowners Insurance 6
This policy is specifically design for Condo or Co-op homes, because it protects your personal belongings and personal liability. It’s important to know the difference between single-family home insurance and Condo and/or co-op insurance. In the single-family home you are the owner and responsible from the inside and outside of the house, on the other hand for condos and/or co-op you are the owner and responsible just for the inside of the home. That being mentioned, the condo insurance (HO-6) will cover the inside of your condo, such as:
- Building property: the unit itself, including walls and fixtures
- Personal property: furniture, electronics and other movable goods
- Personal liability: legal expenses from claims or lawsuits against you
- Loss of use: costs of lodging/transport if unit is uninhabitable
- Loss assessment: your portion of any losses shared out by the association
Get Business Insurance for Home Insurance
If you have any questions about the insurance requirements for home insurance and would like to talk to an independent insurance agent, call us at 1 (888) 258-8808 or visit our contact page to ask your question via email.
As an engineer, your field is one of the most important in the world but also one of the most thankless jobs as well. If you do a good job, people barely even notice. However, make just one mistake and it can put you in a world of trouble.
Engineers face risks at every stage of their work and with the amount of money involved with each project, the liability could cost tens and hundreds of thousands of dollars, if not millions.
To avoid having to pay for damages like these out of pocket, it's highly important that an engineering consultant or contractor has at least some knowledge of the types of insurance they should consider carrying.
Types of Engineering Insurance
Finding the best engineering insurance means that first you must know your business and the different risks that you could face at any given moment. The good thing is that, as an engineer, you are no stranger to having a strong plan to work with.
*It's important that you work with an agent so that you can evaluate your risks carefully. It's very common that a few areas are overlooked when considering the types of risks you face in your business. An agent will know what questions to ask to make sure you don't miss any fine details.
What is Errors and Omissions Insurance?
Errors and omissions insurance is a type of professional liability insurance that helps protect business owners who provide advice and services. It's needed in any situation that your business could be found legally liable for faulty advice or for negligence when it comes to a professional service.
It helps to protect businesses, workers and other types of professional service providers from claims made by clients.
How Does Errors & Omissions Insurance Work?
What Is Builder's Risk Insurance?
Builders Risk insurance is coverage that protects a person or company from loss during construction or renovation of a building.
It’s also known as inland marine coverage or course of construction insurance interchangeably.
What Does Builder's Risk Cover?
Builders risk covers the insurable interest in materials, fixtures and equipment before, during or after installation during a construction or renovation project.
When Is Builders Risk Insurance Needed?
Lot’s of our customers want to know how to lower heating bill in the winter.
While you can't avoid using heat in winter, homeowners can take simple and inexpensive steps to save energy and cut home heating costs.
Heat: it's the single largest energy expense in your home according to ENERGY STAR™, a program of the U.S. Environmental Protection Agency (EPA).
I was shocked when I saw it…
It was just in time for Christmas but it definitely wasn’t a “gift” by any sense of the word.
It was a heating bill just under $700!
It was a few years ago and but I’ll never forget the feeling of seeing a huge heating bill in the mail.
So with this article, We’ll go over 8 simple tricks to lower your heating bill this winter.
8 Tricks To Keep Your Heating Bill In Check
How Common is Car Theft?
In 2015, a car was stolen about every 45 seconds, according to statistics released by the FBI. In all, more than 700,000 vehicles went missing for a total of $4.9 billion in losses.
You might think that most of these cases start with someone smashing a window and hot wiring the car like they do in the movies but that's not the case at all!
Keyless Car Theft Hacked On Camera in 35 Seconds
In just a matter of seconds these criminals stole a car from the front of a home. They didn't need to break anything. They used what looked like an Ipad case to bypass the key fob then drove off before anyone could ever know what happened.
Terrific Tools to Prevent Car Theft
If you are trying to learn more about flood insurance coverage requirements then you’ve come to the right place.
Most likely you are in the middle of purchasing a home and found out that your lender requires you to carry flood insurance for the home you are purchasing.
Now, you’ve got questions swirling around your head about flood insurance, requirements and more.
In this article we hope to demystify flood insurance so that you have a better understanding about flood insurance, it’s requirements and how much flood insurance you will need.
Is Flood Insurance Required?
Sometimes we all do risky things in cars, however, teens seem to be much more prone to certain dangerous behaviors.
These 7 things are some of the most common dangers teen driver expose themselves to.
Risky Behavior 1: SKIPPING SEAT BELTS
More than a half of teens killed in crashes weren’t wearing their seat belt.
Safety Tip 1: Buckle up: every person, every time
Get your teen in the habit of making sure everyone in the car is buckled into their safety belt. Don't even pull out of the parking spot if even one person doesn't have their seatbelt buckled.
There are 15 types of people who absolutely must consider an umbrella insurance policy if they want to make sure that they have the right amount of protection that they need to control and protect their families and their assets from loss.
In this article, we will talk about who these 15 types of people are, as well as how umbrella insurance works and what you need to do to get the right amount of coverage at the most competitive rates on the market.
How Umbrella Insurance Works
We have 9 days until Summer officially starts, which means that it’s time to get those swimming pools ready. Travelers Insurance has a few tips to help homeowners get those pools primed for the season.
Remove and Store the Cover
To start, you may need a couple of people to help you clean the debris from the pool cover and remove it from the pool. Then, thoroughly clean the cover then, once it's completely dry, sprinkle talcum powder on it. This will help prevent mold and mildew. Finally, loosely fold and store it in a cool, dry area.