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Sub Category : Miscellaneous

Homeowners insurance, also known as home insurance or hazard insurance is insurance that covers damage to homes and personal property therein.

How Homeowners Insurance Works
There are three major reasons why one should buy home insurance;
●	Property coverage: Home insurance will cover your personal property and home in case it gets destroyed or damaged.

●	 Liability coverage: If a guest at your home is injured or their property destroyed while on your property, this policy will cover legal fees and medical expenses resulting from the injuries. This policy extends to property adjacent to yours, for instance, if a tree branch on your property injures a passerby on the street
●	Mortgage lender: You have to have homeowners insurance if you want to apply for a mortgage at the bank.
In addition to this, the policy will cover additional costs of living such as hotel and meals cost if your house is undergoing renovations or repairs caused by damage from a covered loss. 

The types of Homeowners Insurance
Efficient home insurance will cover all perils listed on their policy with the exception of those excluded from the list. Here are the types of policies available from most homeowners insurance.
●	Basic Homeowners Policy, HO-1- This policy covers the cost of 10 perils such as damage from aircraft, explosions, lightning, explosions, smoke, or fire
●	Broad Form Policy, HO-2: This policy covers all perils from the HO-1, in addition to a few more such as accidents from electric currents. Personal liability, personal belongings, and your house are also covered
●	Special Form Policy, HO-3: This policy will cover all the perils from HO-2 plus more. It also covers personal liability
●	Tenant’s Form, HO-4-also known as renters insurance and it covers personal liability and personal belongings
●	Comprehensive Form, HO-5: This is the most comprehensive policy there is as it covers all perils, just lie special form policy, with the exception of those not listed on the policy. 
●	Condominium Unit Owners Form, HO-6:- This policy is specific to condominium owners. It covers your ceilings, floors, walls, and personal property
●	Mobile Home Form, HO-7- This policy is similar to the Special Forms policy but is specific to mobile homes
●	Older Home Form, HO-8: This policy covers older homes where the cost of rebuilding in case of a disaster is higher than the market value. 
●	Dwelling Fire Form: This policy is popular for vacation homes. It does not cover personal liability or personal property. It only covers a few perils and dwelling

Are you unsure of the best policy to choose, reach out to Moran Insurance and we will provide you with the best deal, and discounts.