Loan

Insurance Compare the best deals from all types of Loan products including car, home and personal... Learn-more

Credit Cards

Insurance Top credit card offers.Tips and resources to apply student,business and best credit cards... Learn-more

Debt Consolidation

Insurance How to lower your mortgage payment?Compare the top deals from the top loan companies in your area .... Learn-more

Insurance

What is Home Owners Insurance?

   
State:
 

 

Home or Homeowners insurance is a type of insurance that provides financial protection for the insured property against loss from theft, loss of use, common disasters and liabilities incurred. This policy provides financial protection for your home, its contents and often the personal possessions of the homeowner. The policy may also provide financial protection for any property damage or injuries caused by you or your family to other people.

The home insurance policy coverage varies with the type of insurance of policy and the level of coverage. The different types of policies are:

Policy for Home Owners:

HO-1: This policy is a basic policy which provides protection against first 10 disasters.

HO-2: This policy provides protection for all 16 disasters. This policy is also available for mobile homes

HO-3: This policy ensures protection from all perils except those which are specifically excluded

HO-8: This policy is designed for older homes and reimbursement is done on actual cash value basis which implies replacement cost less depreciation

Policy for Rented Homes

HO-4: This type of policy is also known as renters insurance. This policy covers protects any personal possession you install in rented premises such as cabinets, furniture or fixtures against all 16 disasters.

Policy for Condominiums

HO-6: This type of policy provides protection against all 16 disasters to condo or co-op owners and covers all the structural parts of the building and belongings you own.

The different levels of coverage are:

  • Actual Cash Value: This type of policy provides the value of your damaged or stolen belongings after deduction depreciation of the asset.
  • Replacement Cost: This type of policy provides the cost of rebuilding or repairing the home or replacing the possessions without deducting depreciation.
  • Extended or Guaranteed Replacement Cost: This policy provides the highest level of protection and provides financial cover to rebuild, repair or replace possessions as before even if it exceeds policy limits. This type of policy is usually allowed only for new homes.

Financialqueries.com can help you find the right home insurance policy suitable to your needs and requirements. Shop for discounts and affordable options to ensure you make the right decision to protect your home from unexpected calamities.

 

Contact us-ad

CUSTOMER COMMENTS

"I have used FQ 2 times for my insurance need.And i am very much happy with the quotes they got for me."

O John Colorado More...