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The 7 Homeowner’s Insurance Plans
A homeowner’s insurance plan would prove to be the best source of security for your dream home. Today, most people across the globe are aware of what a homeowner’s insurance plan is and the great importance it holds in an individual life.
However, there are very few people who know about the 7 different homeowner’s insurance plans, offered by insurance companies. Remember, the best way to avail the facility of homeowner’s insurance plans, is to have an in-depth knowledge of these plans.
Since, most people don’t realize that there are 7 different homeowner’s insurance plans that insurance companies offer, we would like to acquaint you with the fact that each plan is different from the other, based on the circumstances it covers.
If you think of different types of disasters that can affect your home adversely, you would realize that the list is long.
However, you must keep yourself informed on specific disaster events covered by homeowner’s insurance plans.
However, you must keep yourself informed on specific disaster events covered by home insurance plans. There may be many disasters that would affect your home, but the fact is that your standard homeowner’s insurance policy limits its coverage to 11 specific disaster events. Here is a list of the specific disaster events covered by your standard homeowner’s insurance plan:
- Fire & lightning damage
- Vehicle damage
- Smoke damage
- Riots & civil unrest
- Damage from aircraft
- Wind & hail damage
- Explosions
- Vandalism & theft damage
- Self damaging instances
The standard list offered above can include 6 additional categories of damage protections. The include sleet & ice, falling objects, water damage, electrical surge damage, and weather related incidents from snow.
Let us discuss the 7 different homeowner’s insurance policies available to you.
- Homeowner’s Insurance Policy 1: This plan covers damage from the 11 different scenarios mentioned in the above list.
- Homeowner’s Insurance Policy 2: This policy covers the policy no.1 but, with greater detail in certain events, wherein a tree falls & lands in your house or your washing machine busts a house.
- Homeowner’s Insurance Policy 3: This policy includes parts 1 & 2 but includes extended coverage & excludes natural calamities such as earthquakes, floods, nuclear blasts & damage caused from a war.
- Homeowner’s Insurance Policy 4: The policy offers coverage for earthquakes, flood, nuclear explosions & damage from war, in conjunction with the coverage offered by policy no.1, 2 & 3.
- Homeowner’s Insurance Policy 5: This policy offers complete risk coverage for the building & property.
- Homeowner’s Insurance Policy 6: Offers coverage for condominiums.
- Homeowner’s Insurance Policy 7: The policy is strictly intended for older homes of historic value.
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