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Homeowner’s insurance protects what is generally regarded as the most important investment a person or family makes. In fact, most mortgage lenders require a homeowner’s insurance policy to be purchased as a condition of the loan itself. Homeowner’s insurance comes in several different types of policies and can cover a wide variety of perils, so it is imperative that insurance shoppers do a little research before searching for a new homeowner’s insurance policy. The wide variety of homeowner’s insurance policies stems from the wide variety of home use. Homes that are rented or owned but unoccupied by the named insured parties have their own policies that still fall under homeowner’s insurance, but cover different conditions at the home, such as tenants. In addition, special properties, such as condominiums and older, historic homes, have special homeowner’s insurance policies. For many homeowner’s insurance policies, some perils, such as flood and earthquakes, are often excluded and require their own insurance policy. The types of homeowner’s insurance policies are generally noted as HO followed by a number (ex. HO1) and with the increase in number, generally the increase in coverage. Basic coverage protects against 11 perils, while the upgraded Broad Form Homeowner Policy covers an additional six. Both policies name the specific perils they cover, while the HO3 Special Form Homeowner Policy names the specific perils they do not cover. The Premier Homeowner Policy (HO5) is essentially a beefed up HO3. Renter’s insurance covers the house and contents from damage even though the policy holder does not own the property, protecting them from the cost of replacing the house and contents if damaged. Condominium policies are for condominium owners, and are generally for properties that are occupied part-time by the property owner. For homes where the replacement cost exceeds the market value, generally on older homes, there is an Older Houses homeowner’s insurance policy available. The makeup of the homeowner’s insurance policy includes five types of coverages and the exclusions. These five types of coverages include dwelling, other structures, personal property, loss of use, and additional coverages that vary depending on the particular policy. The dwelling section of the homeowner’s insurance policy covers the actual property being lived in. Renter’s insurance generally does not have the Dwelling coverage since it is not owned by the policy holder. The other structures coverage includes other structures on the property not used for business, such as storage sheds or free standing buildings. Homeowner’s insurance also has personal property coverage for the contents of the property. Loss of use coverage is for additional living expenses, such as rental expenses, incurred while the property is not able to be used. Additional homeowner’s insurance coverages are for other expenses and can vary widely, however these depend on the homeowner’s insurance policy. Sorting through all the options and varieties of homeowner’s insurance can require a fair amount of time and research. An independent insurance agency can help guide the way through all the fine print and take the time to craft a policy that exceeds expectations. About Board Walk Insurance: Boardwalk Insurance Group is licensed to write homeowner’s insurance policies in over half the United States and has many other insurance solutions available through its affiliated insurance providers. You can contact a Boardwalk Insurance representative by visiting this website: https://www.boardwalkinsurance.com/online-quote-forms/personal-lines/homeowners/HomeInsurence.aspxrn