To discuss your needs for home insurance in Delaware County, contact Agency By The Mall Insurance Agency in Springfield PA or request a home insurance quote.
An Explanation Of Homeowners Insurance
The intent of homeowners insurance is to protect the largest investment most people will ever make. Insuring the home against financial loss, including liability coverage as well as damage to the home and its contents, is what home insurance is all about. There are a variety of policies to choose from. Before making your selection, you should familiarize yourself with what each type is so that you can make a good decision on coverage to meet your individualized needs.
Typically, homeowners insurance combines different types of coverage into a single package, depending on the policy selected. Normally, coverage includes home and contents that are damaged, liability due to injury or damage that occurs to someone who is on your property, and will reimburse you for costs associated with being unable to use your home. Here is a rundown of what you can expect with three different types of homeowners policies.
- Basic Homeowners Insurance Policy (HO-1) – There are 11 different perils that are covered under this type of insurance, including: fire, hail, lightning, riots, explosions, vehicles, aircraft, vandalism, theft, smoke and eruption of a volcano.
- Broad Form Policy (HO-2) – This type of policy includes all of the 11 previous perils, as well as coverage for snow and ice, falling objects, heating, air conditioning, plumbing accidents or frozen pipes, electrical accidents, and sprinkler systems.
- Special Form (HO-3) – This type of policy offers all of the above listed perils along with comprehensive coverage and broad peril coverage that covers the loss of contents of your home. Since it offers more extensive coverage, it is the most popular homeowners insurance available today.
Renters Insurance
We hear a lot of talk about homeowners insurance, but not a lot of people speak of renters insurance. While it is true that anyone renting a property cannot collect on the property itself, it is still important to protect the things you do own, like your personal possessions. Renters insurance covers loss of personal property, personal liability, medical coverage for others in your home, and loss of use of the home you are living in.
Things To Consider
All homeowners insurance policies come with a limit to the maximum amount that the insurer will pay. It is up to you to determine what limits are right for you. As a general rule, you should choose limits that will replace the contents as well as your home if they are lost.
For a full explanation of which homeowners insurance is best for you, call us today.
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