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The two primary methods of insuring property are open perils and named perils. Open perils cover everything that can cause a loss not specifically excluded in the policy. Common exclusions might include damage resulting from earthquakes, floods, acts of terrorism or war, and more.
Named perils are causes of loss that must be specifically listed in the policy coverage. Common named perils might be fire, lightning, explosions, hurricanes, and more.
Fire insurance comes in three types of coverage:
Replacement Cost will cover your property regardless of depreciation or appreciation.
Extended Replacement Cost will cover your property over the limit if construction costs have increased, usually not to exceed 25% of the limit.
Finally, Actual Cash Value replaces the cost of your property minus depreciation.
How much coverage you maintain needs to match the value of your home.
Homeowners insurance is a requirement by mortgage lenders but it is also vital to homeowners in a number of ways. Homeowners insurance protects all the structures on your property against damage and assures that you will have enough money to repair your home. If it is damaged and deemed unlivable, homeowners insurance will pay for you to rent a place or stay in a hotel while it is repaired or rebuilt.
Also, if any of your belongings are damaged or stolen, homeowners insurance should pay for their replacement. If you own certain high value items, you may need to have special coverage separate from your other household items. Finally, it covers claims lobbied against you for injuries that happen on your property.
Using InsuranceUSA.com can help you find the right homeowners policy with fire insurance coverage. So, don’t delay any longer, simply enter your zip code and get started today!