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Insurance for Your HomeOwning a home is a very important milestone in life. Purchasing a home builds credit andhome owners...
property. Renters insurance offers the same contents protection as either the broad formhomeowners insurance policy or the...
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Insurance for Your Home

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Owning a home is a very important milestone in life. Purchasing a home builds credit and home ownership can be used to take out loans for other projects.

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Transcript of "Insurance for Your Home"

  1. 1. Insurance for Your HomeOwning a home is a very important milestone in life. Purchasing a home builds credit andhome ownership can be used to take out loans for other projects. To protect such avaluable investment, homeowners insurance can be purchased for the property. Inaddition, while the home is being paid for, homeowners insurance might be required bythe mortgage lender.There are many different types of homeowners insurance that offer a variety ofprotection in a variety of situation. Different homeowners insurance policies can betailored to different types of properties, from single room shacks to large mansions. Thebiggest major difference between types of homeowners insurance policies is what eachtype of policy covers.Basic form homeowners insurance protects properties from 11 listed perils. These perilsare common occurrences including fire, wind or hail damage, vandalism, theft, damagefrom vehicles, and more. The contents of the property are also protected but generallymust be listed by the policy holder. Broad form homeowners insurance adds 6 morelisted perils to the list that basic form homeowners insurance covers, however unlistedperils, such as floods and earthquakes, are not covered. The special form homeownersinsurance policy is a very common, comprehensive policy for homes. The special formhomeowners insurance policy provides coverage from any peril except those named inthe policy and is the least expensive type of homeowners insurance policy that does so.However, the list of exceptions for perils is the longest of the “all risk” homeownersinsurance policies. Contents are covered from named perils like the broad formhomeowners insurance policy. Premier homeowners insurance is essentially anexpanded version of the special form homeowners insurance policy with coverage fromany peril except those named in the policy (however there are less excluded perils than thespecial form homeowners insurance policy). For older, historic properties, there is amodified coverage form of homeowners insurance that takes into account the fact thatthe replacement cost of the property may exceed the market value. This could be due toornate fixtures or woodwork that cannot be easily replaced.Renters insurance falls under homeowners insurance as well and is perfect for tenantsnot ready to purchase a property but still want protection for the contents of their rented
  2. 2. property. Renters insurance offers the same contents protection as either the broad formhomeowners insurance policy or the special form homeowners insurance policy.Renters insurance is important because while the building’s owner might have insuranceon the property, the insurance most likely does not protect the contents inside.Finding the best homeowners insurance for a particular property can be a very dauntingtask. Many insurance providers offer homeowners insurance and reaching out to each ofthem with your property’s information can be a poor use of time. By using an independentinsurance agency, homeowners can save time and be sure they are saving money.Independent insurance agents can do much of the shopping by taking the propertyinformation to each partnered insurance provider, ensuring a competitive homeownersinsurance policy is found that satisfies the homeowner.About Board Walk Insurance: Boardwalk Insurance Group is licensed to write hotelinsurance policies in over half the United States and has many other insurance solutionsavailable through its affiliated insurance providers. For More Details visithttp://www.boardwalkinsurance.com

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