Types Of Home Insurance

by | Dec 23, 2011 | Insurance

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Home insurance coverage comes in different coverage forms for home insurance Eagan MN policies. There is what is considered basic dwelling coverage, broad coverage, and a special form policy. A fire form will only cover your dwelling. This is the most basic of coverages and is intended to only cover the structure. This is the type of coverage mortgage holders get to protect themselves from borrowers who do not purchase coverage. The basic form covers only the dwelling and theft and vandalism. These are the only coverages a mortgage company cares about. Broad form coverage includes everything that is covered in the basic form coverage and adds more cover for falling objects, breaking, and possible overflow of different amenities that are in your dwelling. Special form coverage is the broadest coverage. It covers all perils except the following: nuclear, earthquake, and flooding. Also, check with your agent to see if there are specific exclusions for where you live. Excluded coverages can sometimes be added back on to your policy for an additional premium, except in the case of flood insurance. That has to be purchased from the federal government.

Home Insurance

Home Insurance

There are other types of home insurance in Eagan MN. If you do not live in what in traditional housing. A typical homeowner’s insurance policy will not work for you. There are different policies for townhouses, mobile homes, and farm owners. Townhouses can be insured individually or as part of the homeowners association’s policy. You need to know if you live in a townhouse that has an association. If you do you will want to check with them before you purchase any insurance. There may be specific requirements that the association wants. There is a chance they may even require you purchase you home insurance through them. If your residence is a mobile home how your home is set up will determine how your insurance will be written. Things that will affect your mobile home insurance is if it has wheels or if it is on a permanent foundation. And if you live on a farm, that will require a specialized policy. A farmowners policy will likely be a better choice. If there is livestock involved, that will require even more specialized coverage.

Before deciding what type of home insurance Eagan MN coverage is best for you. Consult with an experienced insurance agent. They will be able to advise you on the best type of coverages for your residence. An independent agent can get you quotes from more companies. This will give you more policies from which to choose coverage. Your independent agent will also help you compare the coverages from the different companies. This way you can decide the best fit for your situation.


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