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Home Insurance Overview
One of the most important things you should do when buying a home is to learn about homeowners insurance. By knowing the ins and outs, you will know the type of insurance to shop for and how to get a fair price. Just remember, the key with any type of homeowner insurance is to get the best protection. Since homeowners insurance is a national product, you will find few variations although there are some.

Finding the right type of coverage is very important, covering everything you need covered. If you have expensive jewelry, an art collection, gun collection, or some other special type of valuable, then you would need a separate policy. Depending on the company that you choose for your insurance, you could also need coverage for your computer equipment.

Buying a home requires that you have homeowner insurance. Without it, the lender will not be able to give you the loan. However, working with a lender is a huge benefit in that they can help you calculate the type of insurance need you will have, and some can even talk basics with you. The following are the seven basic insurance policies to consider:
  1. This type of insurance covers the basics such as dwelling and personal property. The coverage typically provides protection against fire, windstorm, lightning, hail, riot, civil commotion, vehicles or aircraft, vandalism, smoke, malicious or mischievous behavior, theft, glass or safety-glazing damage, and volcanic eruption.

  2. This is the same as HO-1 but it includes other perils such as weight of ice, snow, or sleet, falling objects, water-related damage caused by appliances, utilities, or electrical surge.

  3. The third option includes expended coverage, including an additional 17 perils but unless the policy has specific instruction, it will not cover nuclear accident, earthquake, war, or flood.

  4. The next insurance policy is for renters. This is very much like regular homeowners insurance except it is for people that rent their home.

  5. Next is insurance that covers personal property and building coverage, considered all-risk. However, this type of policy is very seldom offered today.

  6. Condominium coverage is also available and will cover personal property to include the 17 perils as well as certain building items

  7. The last type of insurance policy is for older homes. This policy would cover personal property to include 11 perils and the dwelling, but is different from the regular type of policy in that is will also cover repairs and cash value instead of the cost of rebuilding.
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