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Homeowner’s insurance protects your home and belongings in the event of damage or theft, but there are different policies with different levels of coverage. When buying homeowner’s insurance, you must know what coverage you need. Here’s a rundown of the most common types of homeowner’s insurance so you can decide which is right for you.
Basic Coverage
Basic or "Acts of God" policies cover damage caused by events out of your control, such as fires, storms, and earthquakes. These policies rarely cover damage caused by floods or sewage backups. For this coverage, you’ll need a separate policy.
Standard Coverage
Standard policies offer more comprehensive protection than basic policies. Besides the damage caused by acts of God, standard policies also cover damage caused by plumbing leaks, burglary, and vandalism. Most standard policies also cover your possessions when they’re away from home, such as if they’re stolen from your car or lost while traveling.
Full Coverage
Whole coverage policies offer the most comprehensive protection, covering all the perils included in standard options and any other losses not explicitly excluded from the policy. Full coverage policies typically cost more than standard policies, but they provide peace of mind knowing that you’re protected against any eventuality.
No matter what type of homeowner’s insurance policy you choose, ensure you understand what’s covered and what isn’t. Contact your insurance agent at Pizano Insurance for clarification if you have questions about your policy. And remember, even if insurance protects your home, it’s always a good idea to keep up with regular maintenance to help prevent any problems.
At Pizano Insurance in Wayzata and Albertville, MN, we understand that your home is one of your most valuable assets. Contact us today for a free quote.