There are different types of homeowners insurance policies available, and the one you choose will depend on your needs and budget. Here are eight different types of homeowner’s insurance:

Replacement Cost Coverage: This type of coverage pays to repair or rebuild your home if it is damaged or destroyed, without deduction for depreciation. Extended Replacement Cost Coverage: This type of coverage pays to repair or rebuild your home if it is damaged or destroyed, up to a specified percentage above the policy limit. Guaranteed Replacement Cost Coverage: This type of coverage pays to repair or rebuild your home if it is damaged or destroyed, no matter what the cost. Actual Cash Value Coverage: This type of coverage pays to repair or replace your home, minus depreciation. Special Form Coverage: This type of coverage protects your home and other structures on your property from all risks except those specifically excluded in the policy. Broad Form Coverage: This type of coverage protects your home and other structures on your property from all risks except those specifically excluded in the policy. Homeowners Liability Coverage: This type of coverage protects you from claims or lawsuits if someone is injured on your property.   Medical Payments Coverage:   This type of coverage pays for medical expenses if someone is injured on your property. At Moran Insurance & Financial Solutions, we can help you find the right homeowners insurance policy for your needs and budget. Contact us today to get started.

Homeowners Insurance Policy

Types of Home Insurance Coverage A Homeowners insurance policy is a contract between the homeowner and the insurance company. The policy provides financial protection against loss or damage to the home and contents due to perils such as fire, windstorm, theft, or liability. Homeowners insurance also covers additional living expenses if the home becomes uninhabitable due to a covered loss. Most mortgage lenders require homeowners to purchase a homeowners insurance policy as part of the loan agreement. Homeowners who do not have a mortgage may still choose to purchase a policy to protect their investment in the home. There are many advantages to having a Homeowners Insurance policy. Some of the main advantages include:
  • Providing financial protection in the event your home is damaged or destroyed by an insured event such as a fire.
  • Replacing personal belongings that are lost or stolen from your home.
  • Protecting you from liability if someone is injured on your property.
Homeowners insurance protects you from financial losses caused by storms, fire, theft, and other events outlined in your policy. A standard homeowners policy includes four types of coverage: dwelling, other structures, personal property, and liability. You can purchase additional coverage for items like jewelry, art, or collectibles. Homeowners insurance is typically required if you have a mortgage on your home.

Types of Homeowners Policies

Types of Homeowners Policies There are different types of homeowners insurance, but the most common one is the HO-three policy. This type of policy covers the home itself, as well as any personal belongings inside the home. It also provides liability coverage in case anyone is injured on your property. Most homeowners policies have a deductible, which is the amount you have to pay before your insurer will start covering damages. Call us today at 904-944-5606 or visit our website today for more information