Homeowner insurance is a household name for all the insurance policies that protect a house against different kinds of peril or disaster that can b...
Homeowner insurance is a household name for all the insurance policies that protect a house against different kinds of peril or disaster that can befall a home. Other types of policies that offer protection to a person and his family against damages they cause on another person’s property are also classified as homeowner’s insurance. From the above, it is evidently clear that there are different kinds of homeowner’s insurance policies. However, it is not all the types of homeowner’s insurance that are available everywhere. Though, it is possible to find insurance companies that offer various types protections for homeowners.
Homeowner’s insurance policies provide homeowners with fund to repair damages caused by such disasters as windstorms, fire, lightning, hail, vandalism, theft and others. Damages caused by natural disasters such as earthquakes and floods are not included unless it is clearly stated in the policy. Based on these perils that are covered by homeowner’s insurance, below are some types of homeowners insurance.
This is a type of homeowner insurance policies that provide a homeowner fund to repair or rebuild his house if any peril stipulated in the policy cause any damage on the building. Depending on the policy, fund for plumbing, electrical wiring, air conditioning, home rebuilding and the likes may be provided.
Homeowner insurance for other structures
As implicit from the name, this type of homeowner insurance coverage does not provide protection to the home itself. Instead, it protects other structures that are attached to the home to embellish it more or for other purposes. Some of such structures include swimming pool, garden, cottages, fences, sheds, garages and other structures in the backyard.
Loss of use coverage
This is a type of homeowner insurance that provides you with housing fund in case you temporary pack out from your home. Certain home remodeling project can cause family to temporary pack out of their building. If you have this type of insurance, the insurer will provide you with fund to look for accommodation elsewhere until you move back to your home.
Personal property coverage
This is also another type of homeowner’s insurance that does not cover the building itself. This type of homeowner insurance policy covers other properties inside the home. It provides homeowners with fund to replace their personal property inside their home that are damaged by perils stipulated in the policy. Some of the properties that are included in this type of policy include furniture, sporting good clothes, electronics, kitchen utensils, books and others.
This is a type of insurance that pays for claims for damages on another person’s home caused by the insured or any of the members of his family depending on the stipulations of the policy. Liability insurance also pays for the defense cost.
Additional home coverage
As implicit from the name, additional coverage refers to other protection provided by an insurance company to a homeowner outside the normal homeowner insurance. These additions depend on what the homeowner wants.
The above are some of the types of homeowner insurance policies offered by most insurance companies today.