All owner occupied homes financed through a third party will require at a minimum, insurance on the structure to protect against unforeseen damage. The typical policy used for this ?hazard Insurance? is a Homeowners Policy. Using the structure value as a starting point, the available options and the scope of coverage vary to the point where special attention is required. Once past the inevitable calculation of the homes? replacement cost (not related to market value), several major issues should be considered. These include but are not limited to:

• Sewer backup (finished basement?)
• Jewelry schedules (restricted on Standard Policies)
• Personal Liability Limit (have a mean dog?)
• a Comfortable Deductible level

Know that prior claim history and your insurance score ( similar to a credit score) will affect your premium in a big way. It is interesting to note that studies indicate over 50% of homes in the United States are underinsured.

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Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.