Types of Home Insurance Coverage

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Actual Cash Value Homeowners Insurance: A Complete Guide (2024)Post

Actual Cash Value Homeowners Insurance: A Complete Guide (2024)

Home insurance claims may be paid in one of two ways, actual cash value or full replacement cost. Of the two, actual cash value has the lowest premiums, but full replacement cost provides a more accurate settlement. To give you an idea of why actual cash value insurance costs less, it might help to explain what this type of insurance settlement means and why it is set up the way it is.

Home insurance claims may be paid in one of two ways, actual...

Replacement Cost Homeowners Insurance: A Complete Guide (2024)Post

Replacement Cost Homeowners Insurance: A Complete Guide (2024)

The two ways that an insurance policy can be written for payouts is for actual cash value and replacement cost. Actual cash value pays out a depreciated amount that takes the age and condition of the insured item into account, while full replacement cost will pay to repair or replace the item no matter what condition or age it is.

The two ways that an insurance policy can be written for pay...

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Thunderstorm & Severe Weather Homeowners Insurance: A Complete Guide (2024)Post

Thunderstorm & Severe Weather Homeowners Insurance: A Complete Guide (2024)

Severe weather, including lightning, high winds and strong rains are common throughout the country. Most standard home insurance policies this type of storm, but there are exceptions, and it is the responsibility of the homeowner to make sure that their policy covers all of the perils which might be faced by their home.

Severe weather, including lightning, high winds and strong r...

Tropical Storm Homeowners Insurance: A Complete Guide (2024)Post

Tropical Storm Homeowners Insurance: A Complete Guide (2024)

Tropical storms are common in the southeast, and have been known to strike as far north as Maine and inland as far as Illinois. In most places, the storm is limited to the status of any other severe storm, and a standard home insurance policy will cover most damages, but the occasional strong tropical storm has the potential to bring severe flooding with it, and that is an area where the average homeowners policy will leave you without any recourse.

Tropical storms are common in the southeast, and have been k...

Is stolen cash covered by Medicare?Post

Is stolen cash covered by Medicare?

Even though a home insurance policy includes personal property, do not rely on your home insurance to replace cash that was stolen in a robbery or burglary. It is not so much a question of having the coverage; it is a question of being able to proof the possession of the cash before it was stolen.

Even though a home insurance policy includes personal proper...

Riot, Terrorism and Civil Disorder Insurance: A Complete Guide (2024)Post

Riot, Terrorism and Civil Disorder Insurance: A Complete Guide (2024)

Since the incident on 9/11, terrorism and civil unrest have become important considerations for homeowners, especially in dense population centers. And since most home insurance policies do not include riots, terrorism or civil disorder by default, it is up to each homeowner to determine if they need such coverage and to purchase it separately.

Since the incident on 9/11, terrorism and civil unrest have ...

Townhouse Homeowners Insurance: A Complete Guide (2024)Post

Townhouse Homeowners Insurance: A Complete Guide (2024)

Whether you want to call it a town house, town home, row house, brownstone or other name, the insurance it requires is just as much as any other living space would. Those who make the choice to live in a townhouse have basically compromised between apartment living and living in a house. It is a cozy living for many and a great way to not have to select one or the other permanently. It is basically a compromise that works out well, particularly for small families or single individuals.

Whether you want to call it a town house, town home, row hou...

Contents Insurance: A Complete Guide (2024)Post

Contents Insurance: A Complete Guide (2024)

Contents insurance is the type of coverage necessary to protect your personal property against many types of damage as well as theft and vandalism. This type is more commonly referred to as personal property insurance in the United States, while it is known as contents insurance in other English speaking countries. Most standard homeowner's policies include coverage for the contents of the home, but the limits tend to be only a small percentage of the policy value.

Contents insurance is the type of coverage necessary to prot...

Co-op Insurance: A Complete Guide (2024)Post

Co-op Insurance: A Complete Guide (2024)

If you live in many parts of rural or suburban America, you may never have heard of cooperative housing, sometimes also known as a co-op apartment. While this type of housing arrangement is becoming increasingly popular lately, co-ops have been around for the last several decades in areas like Washington, D.C. and New York City. In cities with a high cost of living such as these, co-ops have been helping people purchase homes where they might not otherwise be able to afford one.

If you live in many parts of rural or suburban America, you ...

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