Homeowners insurance in it’s basic form is coverage to protect you against loss from Fire and other perils including liability for damage you do to others and is designed for homes that are owner occupied.
Homeowners insurance comes in several form ho1, ho2 and ho3 for single family homes. Ho4 for tenants coverage in apartments and ho6 for condominium owners.
Ho 1,2,3 & 6 include coverage for Building, other structures, contents, loss of use, liability and medical payments.
Ho 4 has coverage only for your contents, loss of use, liability and medical payments.
A very good detailed description comes from wikipedia athttp://en.wikipedia.org/wiki/Home_insurance
Your home may be the single largest purchase of your lifetime and choosing the proper coverage and knowing that your protected properly can provide complete peace of mind in the event of a loss. Unfortunately, you won’t know to protect properly until that loss occurs.
If your insurance was purchased without the aid of an insurance agent and you simply relied on your mortgage company to get you insurance then you owe it to yourself to have a complete review of your current insurance coverage.
Also, if your home was purchased many years ago it may not have kept up with the replacement cost of rebuilding your home in the event of loss. Larger and custom homes are more prone to suffering uninsured loss, due to the fact that many companies have a preset limit of $750,000 or lower on the maximum amount they will insure your home. See most
At American agency we have access to companies that can write from the minimum homeowners of $150,000 up to the highest value home in the millions. You oh it to yourself to contact us at your earliest convenience and have us do a complete review of your current homeowners protection.