Property (Homeowners, Landlord, Condo, Renters) Insurance:

Homeowner's insurance, landlord's insurance, condo insurance, & renter's insurance, and generally provide coverage for loss of one's own property and liability to others which occurred because of their presence on your property. Deductibles are usually available. While a homeowner is paying off a mortgage on their house the lender will usually require homeowner's insurance, as may a buyer during the process of selling the house. There are always excluded perils, which means that if the loss is caused by one of those items then the insurance provides no coverage. There may be ways to cover these exclusions, either by riders amending the standard policy for an additional fee or by purchasing specialty insurance such as earthquake or flood insurance.

Types of homeowner's insurance

HO-2 Broad Form (Named Peril)
a basic policy covering 16 or more common disasters
HO-3 Special Form

The typical, most comprehensive form used for single-family homes. This policy protects your home from all perils except those specifically excluded
HO-4 Renters Insurance (Contents Broad Form)

this policy protects a renter's possessions, and can provide liability protection
HO-5 Comprehensive Form (HO-3 with HO-15, Special Personal Property Coverage)

Covers the same as HO3 plus more. On this policy the contents are covered on an open peril basis, therefore as long as the cause of loss is not specifically excluded in the policy it will be covered for that cause of loss
HO-6 Condominium Unit Owners

For condo and co-op owners, this policy provides coverage for both one's belongings and the structural parts of the building that one owns
MV Market Value or Older Homes Forms (Modified Coverage Form)

usually this coverage will be based on an actual cash value basis (replacement minus depreciation)

Discounts and deductibles

There are a number of steps a policyholder can take to reduce the cost of homeowner's insurance without reducing the amount of coverage. Insurance companies may provide discounts for the following actions:

Adding smoke detectors, fire extinguishers, dead bolts and burglar alarms can often result in a discount
Some insurer's will discount homeowner insurance premiums if you also insure your automobile with the company
Discounts are often available to non-smokers and senior citizens or professional discount
Discounts are often available if you stay with the same insurer for many years

The insurance premium can also be reduced by increasing the deductible you are willing to pay for each claim. Deductibles on homeowners policies usually start at $250. Depending upon the insurer, deductibles can be reduced as follows:

increasing your deductible to $500, you could save up to 12%
increasing your deductible to $1,000, you could save up to 24%
increasing your deductible to $2,500, you could save up to 30%
increasing your deducible to $5,000, you could save up to 37%

About Coverage & Limit

The homeowners policy contains two sections. Section I provides property coverages (A, B, C and D) while Section II provides liability coverages (E and F). A brief description of the individual coverages follows :

Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
Coverage E - Personal Liability
Coverage F - Medical Payments to Others

The typical policy has the following limits on coverage :

covers expenses in excess of your normal living expenses should you be forced to live anywhere other than your home during repairs or a government injunction.

Coverage Component	Typical Limits
Dwellingusually covers the house, any attached structures, house fixtures, plumbing, heating, in-built air conditioning systems and electrical wiring.	Your choice
Other structuresother than those used for business purposes, covers detached structures like garages, storage sheds and land fixtures	10% of Dwelling coverage limit
Personal Propertycovers all personal items in your home that are owned by you or family members who live with you. Protection for these items depends on actual cash value or replacement cost.	50% of Dwelling coverage limit
Loss of Usecovers expenses in excess of your normal living expenses should you be forced to live anywhere other than your home during repairs or a government injunction.	20% of Dwelling coverage limit
Endorsementscan be added to your homeowners insurance policy at an additional cost to provide extra protection against occurrences like theft, inflation, credit card forgery etc.	Your choice
Personal Liabilityprotects you and family members that live with you from a claim or lawsuit arising from bodily injury or property damage to others caused by an accident on your property. It generally does not provide protection for vehicle- and business-related incidents.	Your choice
Medical Paymentsas the name indicates, pays the medical expenses for individuals who are accidentally injured on your property, regardless of who is at fault for the injuries. It does not cover injuries to you or family members that live with you.	Your choice

Property (Homeowners, Landlord, Condo, Renters) Insurance:

Types of homeowner's insurance

HO-2 Broad Form (Named Peril)

HO-3 Special Form

HO-4 Renters Insurance (Contents Broad Form)

HO-5 Comprehensive Form (HO-3 with HO-15, Special Personal Property Coverage)

HO-6 Condominium Unit Owners

MV Market Value or Older Homes Forms (Modified Coverage Form)

Discounts and deductibles

About Coverage & Limit

Renters Insurance Quote

Applicant Info.