What are the Different Types of Home Insurance?
Many people are not aware that there are several different types of insurance coverage for home dwellers. Each one addresses a different area of protection so it would be wise to go over them with your insurance agent to make sure you choose the right plan for you. Each state experiences different weather patterns so if, for example, you are looking for New Jersey home insurance on a website, your needs will be different than homeowners who reside in other states. Here are some different plans to look over.
This plan covers only the home and doesn’t include any personal liability. It covers: lightning and fire; hail and wind storms; smoke damage; theft; any kind of civil rioting; damage caused by an aircraft; and vandalism.
This includes everything on the basic plan but has a few more additions. They include: objects that may fall; the effects of freezing weather; any type of damage that has been caused by a surge of electricity; the result of the excess weight of sleet, snow and ice; and water damage caused by a sudden overflow.
This is the most common and comprehensive policy for homeowners. It covers the effects of: an earthquake; power failure; water damage; mold, fungus and rot; corrosion, smog and rust; and any animals that are owned by the homeowner.
This policy is specifically for people who rent their home. While the person who owns the apartment or home may carry an insurance policy to cover the structure and appliances as well as the property, it would be up to the renter to insure the contents of the apartment. You would need to have a list and possible pictures or a video of everything you own, especially your furniture, electronics, jewelry, collectibles, and antiques. Note how much you purchased the items for because you may have to replace them one day and you will need a base to work from.
This plan is similar to Plan 4 but it is for those who rent or have purchased a condominium. You may not need it or you may want to add it to the existing protection that the condo association holds for the unit.
Check with your insurance agent on each of these plans to find the one that fits your specific needs.