To be reimbursed for damage to your property, a covered peril (such as fire, theft or windstorm) must have caused your loss. Which perils your policy covers depends on the type of policy you buy. The most common types of homeowners policies are listed below. All of the policy types except the dwelling fire form cover your dwelling and its contents, as well as personal liability and medical payments. Read Table 1 to learn the specific perils each type of policy covers

Dwelling Fire Form

covers only your dwelling. It does not cover your personal property, personal liability or medical payments. It also covers only a few perils. It’s the type of policy your mortgage lender will buy for you if you let your homeowners policy lapse. It’s also used for vacation homes and when you can’t find other coverage.

Basic Form

insures your property against only the list of perils shown in Table 1.

Modified Coverage Form

for older homes, where the cost to rebuild is greater than the market value. It covers the same set of perils as the Basic Form.

Broad Form

insures your property against the perils shown on Table 1.

Special Form

the most popular of all homeowners forms. It insures your property against all perils, except those the policy specifically names as not covered. Perils commonly excluded are flood and earthquake.

Tenants Form

for renters. It insures your personal property against all of the perils in the Broad Form.

Condominium Unit Owners Form

for owner-occupants of condominium units. It insures your personal property and your walls, floors and ceiling against all of the perils in the Broad Form.

There are other types of insurance for other types of residences. If you own a townhouse, you may insure it through either an individual homeowners policy or an association master policy. If you live in a mobile home that has wheels and doesn’t rest on blocks or a permanent foundation, in most states you’ll buy a form of automobile insurance. This insurance offers far less coverage than homeowners policies. If your home is on land used for farming or raising livestock, ask about a farmowners policy.

Lovett Insurance can help you cover all of your Homeowner’s insurance needs, we have many different companies to find the best coverage and price for you! Give Jeremy or Sherry a call today (478)272-6731

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