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The Lowdown On Home Insurance

Home insurance can give you the peace of mind that you need after purchasing a new property, which was doubtless not an entirely stress-free process, as it invariably never is! Covering damage to your property, risk of liability and protecting you against any legal claims, home insurance is essential for any homeowner. However, not all policies offer the same coverage:

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The Lowdown On Home Insurance

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  1. The Lowdown On Home Insurance

  2. Home insurance can give you the peace of mind that you need after purchasing a new property, which was doubtless not an entirely stress-free process, as it invariably never is! Covering damage to your property, risk of liability and protecting you against any legal claims, home insurance is essential for any homeowner. However, not all policies offer the same coverage: Which insurance policy might be best for you and your home? There are multiple types of policy options when it comes to protecting your home, just as there is with any other type of insurance. Here are the main ones in more detail:

  3. HO-1 This limited policy covers 10 perils (such as fire, vandalism, lightning or an explosion, to name but a few) compared to the 16 covered under equally affordable standard policies. Not including personal liability for injuries incurred while on your property, or automatically covering your belongings, a lot of mortgage companies don’t think these give as much coverage as is needed. • HO-2 Usually covering all 16 named perils, this insurance is on the basic side with lower premiums and a lower level of coverage, but it is a ‘named peril’ policy,

  4. meaning that damage caused by events other than those listed on your policy, will not usually be covered. • HO-3 Covering all disasters except those that are specifically excluded, this type of policy is perhaps the most popular one and protects you against any and all perils that are not specifically mentioned in the exclusions. This policy also covers attached structures, such as a deck or a garage, plus your belongings, and includes personal liability coverage should you accidentally injure someone or damage their property. That said, what is not covered, will depend on your specific policy.

  5. HO-4 Aimed at renters, this coverage protects your belongings against all 16 perils, but will not cover the building that you live in, as the landlord is responsible for that. If someone is injured in your home, or you need to pay for alternative accommodation while your landlord repairs or renovates the property, most HO-4 policies provide you with liability insurance. • HO-5 If your home is new or in excellent condition, then this more comprehensive version of the HO-3 policy will be available to you provided you live within close distance of fire protection services.

  6. This coverage protects you financially against all perils unless they’re specifically excluded in writing and gives you better protection for your personal belongings than a HO-3. • HO-6 Much like renter’s insurance, this condo or co-op policy covers the personal property of condo owners against all 16 perils and usually includes liability insurance. This coverage typically extends to the walls, ceilings and floors of your residence, while the building itself would be insured by the association.

  7. HO-7 This type of policy is for mobile or manufactured homes. • HO-8 Designed to insure older properties, this coverage is like an HO-3 but has special elements to better protect older homes. Historic and registered landmark homes often have this type of coverage. If you’ve just bought your first home, are shifting address, or have just moved into a rented property, then you’ll need to put purchasing home insurance, at the very top of your to-do list. To discuss your insurance needs in more detail, talk to your local, trusted insurance provider.

  8. We Insure Miami was founded on the principle that every individual and business, big and small, has assets and valuables that need to be protected and insured against forces outside of our control. We offer Auto, business and homeowners insurance in miami. Our agents understand that you work hard every day to protect your car, home, business and family. WE are passionate about Insurance and passionate about serving you. If you are looking for auto or business or home insurance in miami, contact us for a quote or a complimentary review of your insurance policies.

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