Home Owners Insurance
Types of Homeowners Policies
Homeowners Basic Form (Form 1)
Covers damage due to fire of lightening, windstorm or hall, vandalism or malicious mischief, damage from vehicles and aircraft, explosion, theft, riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability.
Homeowners Broad Form (Form 2)
Covers damage from perils listed in Form 1 plus building collapse, freezing or accidental discharge of water or steam from internal plumbing, heating, air-conditioning systems or domestic appliances, falling objects, weight of ice, snow or sleet, rupture or bursting of steam or hot water hating systems, and personal liability.
Homeowners Special Form (Form 3)
Covers risk of a direct loss to physical property except with specified exclusions, such as earthquake and flood. Covers all perils listed in Form 2 and personal liability. This form is more comprehensive and offers more protection than Form 2.
Tenants Homeowners (Form 4)
Covers personal property for all of the perils covered under Homeowners Form 2 including personal liability.
Homeowners Form (Form 5)
This form is more comprehensive than Form 3 and offers more protection.
Condominium Homeowners Form (Form 6)
Designed for condominium unit owners to cover their personal property and liability, their portions of the building and loss of use from the same perils as Form 2.
Homeowners Older Home Form (Form 8)
For the owner of an older home who has trouble purchasing standard homeowners insurance. This form resembles other homeowners polices but it provides limited theft coverage.
Characteristics That Affect Homeowners Insurance Prices
* Type of Construction - Frame Houses usually cost more to insure than brick.
* Age of House - New homes are usually less expensive to insure than old homes.
* Local Fire Protection - Your home's distance from a fire hydrant and the quality of you local fire department, determine your fire protection class and affect your insurance costs.
* Amount of Coverage - The amount of coverage you purchase for your house, contents and personal liability will affect the price you play.
* Deductible Amount - Your choice of a higher deductible will reduce the price from homeowners insurance.
* Discounts - Some insurance companies off lower prices for things such as insuring your home and car with the same company and installing deadbolt locks alarm systems.
