Which house coverage is right for you?
In part-one of this post for homeowners policy guide for first-time buyers, we looked at the 6 types of property coverage that one can include or exclude of named perils in customizing their policy. In this post, I highlighted the four types of property coverage that one should discuss with their local insurance about when underwriting a detailed coverage.
The Massachusetts Department of Insurance writes that underwriting guidelines of homeowners insurance differs from company to company or check out the insurance carriers such as Allianz, Allstate, Liberty Mutual, Munich RE, State Farm to learn more information about the different homeowners' guidelines.
Examining the 4 Main Property Coverages
The following property coverage from A-D covers against sudden and accidental physical losses that are tailored one’s policy. Understanding the kind of coverage that best suits your needs can help save money in the long run. So when people are shopping for homeowners insurance, their choices for homeowners policy will ultimately determine the premium of their coverage and what their coverage includes or excludes.
Listed below are the four types of property coverage for homes:
A. Dwellers Coverage
The Dwellers Policy covers the insured from damages done to the surrounding property. Coverage is provided for both the insured’s property and their belongings.
B. Appurtenant Structures Coverage
Also known as "other properties," this policy provides a range of coverage for damages the occurs to neighboring residents who are separated by a clear space. However, business and rented property without tenants are excluded from this particular coverage.
C. The Personal Property
This policy protects the personal property of the insured, and also when their personal property is being used by their guests or residents. The coverage extends to neighbors affected which provides a $1000 limit.
D. Loss of Use Coverage
This policy provides three types of coverage for different scenarios or conditions that displace those who are insured. The first type, the Loss of Use policy is designed to cover the insured if their property is deemed uninhabitable. The policy protects the insured by providing them money for additional living expenses to maintain a normal standard of living.
The second option for this policy covers not only the damage to the insured’s property, but also damages to the residence’s property if it’s deemed uninhabitable, and it also covers the cost for the replacement value of their home or apartment. And lastly, the third option covers the insured from direct damages and the neighboring property if it’s deemed uninhabitable by any civil authority, and it also covers others that are affected with coverage for living expenses for up to two weeks.
As mentioned above, the 4 main comprehensive property coverages varies depending on one's need for coverage or exclusion.
For one-on-one consultation about which homeowners policy best fit your needs, submit a free homeowners quote with BRZ Insurance and we will work to create a customized coverage plan with a budget that works best for you.
Visit BRZ Insurance today at our two locations, in Framingham or Malden, MA. The BRZ Insurance Framingham location is accessible by the MBTA on Zone 5 Commuter Rail. The BRZ Insurance in Malden location is also accessible by the MBTA from Malden Station or take either the 106, 108 and 408 bus line.
Contact a BRZ agent now to learn more about homeowners insurance or how your coverage compares to see how much you can save on your insurance policy.
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Drop us a line today for a price quote. Our BRZ agents will compare your quote and find the best coverage for you. Switch over to BRZ Insurance today to save on your premiums.