| Buying home insurance is equally important as | | | | that are mentioned in your policy. This is the one |
| purchasing a home. This is because when you buy | | | | of the most purchased policy. |
| your home it involves a big investment so you | | | | Ø There is a policy just like broad damage |
| would want your property and things to be | | | | coverage policy but it is especially for tenants. It |
| protected from any kind of damage. There are | | | | also involves supplementary living expenditure like |
| many types of home insurance policies available | | | | medical bills, if required. Liability protection is the |
| these days so it is very important that you | | | | part of the policy. This policy doesn’t cover |
| understand them before making your final | | | | things owned by the renter. |
| decision. | | | | Ø Then there is a policy for condominium |
| Below are some of the main policies in brief: | | | | owners. This policy covers all those items of the |
| Ø First type of policy is very basic kind of | | | | owner that are not insured in their association |
| policy that is must for protection. It helps you | | | | policy. Personal liability protection can also be |
| insure your house against lightening and fire | | | | added in this policy. |
| damages. One can buy this type of policy to | | | | Ø Older home policy is another kind of |
| cover all the expensive valuable items. | | | | home insurance policy. It is basically for those |
| Ø Next is the broad coverage policy that | | | | homes that are very old any many policies do not |
| covers your house if there is any kind of damage | | | | provide replacement coverage for such |
| caused by fire lightening, falling of things, etc. it | | | | properties. You will have to purchase a special |
| also covers in case of events like wind. Smoke, | | | | policy for such homes where you will be |
| rail, vandalism, theft, hail or explosion. Damages | | | | compensated with standard building material. |
| like snow collapse due to ice, other ice damages, | | | | All states categorize these policies by different |
| burst pipelines and water damages can also be | | | | names, but the basic information and the type of |
| included according to location of the house. | | | | policy remains the same. Also the type of policy is |
| Ø Then is the special or all risk policy that | | | | very much affected by the location of your |
| insures your place against losses and damages. | | | | home. It is very important to understand each |
| There are little exclusions in this type of policy | | | | policy and choose the right one. |