Your home is both a valuable asset and the center of your life so it is extra important to cover your risks with the protection of a homeowners insurance policy. A well-written homeowners policy will pay to replace your home and any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.
The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or open perils basis, often called Special Form. A named-perils policy covers only those losses specifically cited in the contract. The open perils or Special Form policy works the opposite way – unless a peril is specifically excluded, coverage is provided. The open perils is broader and the burden of proof is on the carrier, not you, in the event of a loss.
When reviewing your home insurance options, consider the following coverages:
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