Friday, April 29, 2011

Elements of the Best House Insurance

For most homeowners, the home is their most valuable investment. As such, most homeowners like to have the best possible protection on the home. The best house insurance can come with a little steeper price than most policies, but many consider it worth the extra money to make sure the home is adequately covered. There are a few specific things a homeowner needs to make sure they have with their policy to ensure they have the best house insurance.
The Best House Insurance is the HO5 Insurance Policy
The HO5 insurance policy is typically the best insurance policy a homeowner can buy. It comes with the broadest range of coverage for both the home and the personal property.  Of course the HO5 doesn't cover every single peril imaginable, but most homeowners would be very hard-pressed to find any insurance policy lesser than the HO5 that even matches, let alone exceeds, the range of coverage that is included in the HO5 insurance policy.

The Best House Insurance Includes All Water Protection
Home insurance policies typically never cover flood damage, but they will cover just about any other type of damage caused by water. The four standard types of water damage that can be purchased (or included in the policy) are: Sudden & Accidental, Continual Seepage, Backup, and Foundation.  These four water damages will cover a majority of water claims that you may need to file, and thus if a homeowner is looking for the best coverage, all water protections need to be endorsed onto the policy. Most HO5 policies will automatically include at least two of the four, and some even include all the water protections.
The Best House Insurance Schedules Valuables
Most homeowners that want the best insurance also have sentimental valuables that they would love to hold on to.  To schedule personal property means to specifically list it on the policy. Most belongings in an insurance policy have blanket coverage. If a homeowner schedules an item, the homeowner receives special protection for that item. Typically the homeowner doesn't have to pay the deductible if it gets damaged and is guaranteed to receive the exact value of the item. Some insurance companies will even cover a loss to a misplaced item if it is scheduled on the home insurance policy.

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