Homeowners insurance is something that I am sure all are familiar with. So, for this article I will discuss some of the finer details and forms.
First, what is it that a homeowners policy covers? Homeowners is a package policy, meaning that it covers both property and legal liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. The standard Home owners policy comes with coverage listed A-F.
A) Coverage for the dwelling itself.
B) Other structures. (detached garage, sheds, etc…)
C) Personal property, or contents.
D) Loss of use.
E) Personal liability.
F) Medical payments. (Pays medical bills for those who get injured while on your property).
The most common homeowner forms are the HO-3, HO-4, HO-5, and HO-6.
The HO-3 is your standard homeowners policy. The HO-4 is for renters, and covers contents and liability of said renter. The HO-5 is similar to the HO-3, however, it adds all risk or open perils to your personal property. This form is often referred to as “premium coverage.” Finally the HO-6 is used to insure condos.
If you would like to learn more about Homeowner policies, please contact Insurance for Veterans at 803-250-3709 or by email at firstname.lastname@example.org.
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