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Owning a home is one of the biggest financial decisions anyone makes in their lifetime. Therefore, it’s important to make sure that investment is protected as much as possible. For homeowners looking for the best home insurance policy, there are a number of factors that come into play. Whether deciding on a basic package of coverage or adding various kinds of specialized policies, homeowners need to carefully evaluate their insurance to make sure it meets their needs.
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Overviews Owning a home is one of the biggest financial decisions anyone makes in their lifetime. Therefore, it’s important to make sure that investment is protected as much as possible. For homeowners looking for the best home insurance policy, there are a number of factors that come into play.
Broad Form Coverage While the name of this coverage implies it will cover anything and everything about a person’s home, that is not necessarily the case. Broad form coverage applies to all risks associated with a building, but only to certain risks specifically named on a perils form when it comes to the contents of that home.
Comprehensive Coverage The most common type of insurance coverage for homeowners, comprehensive coverage provides protection for the structure as well as its contents, with only very limited restrictions.
Guaranteed Building Replacement Cost Known in insurance circles as GBRC, this specialized coverage is little-known by many people but can be very valuable in the event a home is destroyed due to fire or other accident.
Inflation Guard For those policyholders looking to see if their current insurance plan meets their needs, inflation guard can play a big part in that decision. This type of coverage is key to making sure a homeowner is not underinsured in the event of a loss, since this coverage will offer built-in protection against rising prices within the current economy.
Liability Coverage To protect homeowners against potential lawsuits filed by those who may be injured while on their property, most policies contain liability coverage. This is usually divided up into Personal Liability and Medical Payments coverage.
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