Published at Sunday, April 15th, 2018 - 21:03:04 PM. Home Insurance. By Durand.
This is essentially why before you sign an agreement with a company for a certain home insurance policy, it is very important that you do your research about home insurance policies and your available options first. Gather enough information as the rudiments of every policy as well the company offering it. Getting quotes from various companies is as equally important as well. In this regard, here are some information about your options when it comes to the different types of policies that are available for home insurance purposes. The most basic of all the home owners policies is the HO-1 or Homeowners Basic Policy-1. Essentially, this type of home insurance policy will cover your house as well as the fixtures included in it. So if in case or by any accident, your house is damage by fire, theft or natural weather occurrences, this policy will be able to cover for the expenses.
There are different kinds of coverage which go from an HO0 category which covers damage from fire, smoke, lightning, explosion and others which are very general, up to an HO5 category which covers most anything that can happen to your home. An HO5 home insurance policy will cover everything with the exception of items specifically mentioned in it, some of the items most insurance companies will not cover are floods, earthquakes and termite damage. Beware just because you buy this category of home insurance, it does not mean you are covered, the policy you buy must detail specifically what is and is not covered.
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