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When you think about what your dream home will be like, what do you see? A house in the suburbs with a white picket fence? A stylish penthouse apartment with a stunning view? A secluded cottage nestled in nature? A cozy farmhouse surrounded by bountiful land?  

No matter what you want from your perfect home, I bet you’ve never dreamt of it being destroyed by fire, devastated by a hurricane, or ruined by any other disaster.  

Even if you are already living in your perfect home, you are similarly unlikely to have ever spent a significant amount of time considering its destruction.

Of course, you wouldn’t want to think about something so terrible, and it stands to reason as it is not logical to think about your home in this way, especially when you have put time and effort into making it your haven. When you have worked to lovingly create a space that you love, having something happen to this would be a catastrophe. However, once you are settled into your home, you will appreciate having a roof over your head and have to consider the possibilities that can arise to prevent this from being the case. 

By implementing an appropriate home insurance, you can gain peace of mind. You will be able to relax in the knowledge that you can rely on an insurance policy in the event of an insured risk occurring and causing damage to your home. 

This is why it is important to think carefully about what you require coverage for when you are seeking a quote. Though most insured risks are automatically covered under a standard homeowner’s policy, some providers will also offer optional risks that will are prepared to coverage for an additional premium.

The risks typically insured under a standard homeowner’s insurance policy include:

  • Fire
  • Hurricane
  • Hail 
  • Lightning 

However, just because these risks relate to the structure of the building, it does not mean that this is the full extent of what is provided for within the policy; it will also provide coverage for:

  • Personal belongings, including while out of the home
  • Liability protection 
  • Additional living expenses

Bear in mind that standard insurance policies will contain exclusions, namely, risks that are not covered, and it is important that you check your policy documents to make yourself aware of these; they include:

  • Ordinance breaches
  • Earth movements
  • Water damage
  • Neglect
  • War
  • Nuclear hazards
  • Intentional loss 

There are many more risk types that could befall a property and these can be taken care of by ensuring that you have the right type of policy. Therefore, it is important to recognize the different types of policy available, which is mostly the same throughout the country, though some states make changes and create unique versions that are differentiated with names like “deluxe”. 

The policies fall into the following categories:

  • HO2 – Homeowners Broad Form, which provides coverage for a wide range of risks.
  • HO3 – Homeowners Special Form, which provides an even greater level of coverage than the HO2 and is suited to rental properties as they also cover personal liability.
  • HO4 – Homeowners Contents Form, which is suited to renters.
  • HO5 – Homeowners Comprehensive Form, which is an open perils policy that lists what is excluded. 
  • HO6 – Homeowners Unit Owners Form, which is designed for condominiums where the structure of the building is insured by the condo board or homeowner’s association. 
  • HO8 – Modified Coverage Form, which provides coverage on the basis of the actual cash value of the property and is suited to older structures. 

Of these, HO3 is the most popular and covers a broad range of risks, which include:

  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Riot or civil commotion
  • Damage caused by aircraft
  • Damage caused by vehicles
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Volcanic eruption
  • Falling object
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning, or automatic fire-protective system
  • Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance
  • Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor, or similar electronic component).

At Econosurance, we know that the best insurance is that which is suited to your needs, which we will help you determine before finding the right policy for you. We provide coverage for a range of property types including:

  • Owner-occupied single-family dwellings
  • Owner-occupied multi-family dwellings (up to four families) 
  • Non-owner-occupied single- or multi-family dwellings 
  • Dwellings owned by a trust
  • Townhouses
  • Condominiums
  • Cooperatives
  • Time-shares

As part of the process of deciding on the type of coverage you need, it is important to understand exactly what you’ll get in terms of a payment following a claim. This is calculated on the basis of one of three types:

  • Actual cash value – this provides the replacement cost minus a deduction for depreciation 
  • Replacement cost – this provides the full replacement cost at the time of the loss
  • Guaranteed/extended replacement cost – this guarantees the cost of replacement even if this exceeds the limit of the policy

The terminology can be daunting, but – don’t worry – Econosurance is here to help. Call us at 800-335-0633 or complete our online form for a quote and see how we can save you money while getting you the policy you need. 

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