The home owners insurance policy is a multiple-line insurance policy, meaning it includes liability and property coverage. The insurance features an indivisible premium, which means you pay a single premium for all the risks. The HOI policy combines different personal insurance protections such as the loss occurring in your home and its content, the loss of the use of the house (such as the additional living expenses you incur), and loss of personal possessions. The home owners insurance Wyomissing, PA policy is also a liability insurance policy that covers accidents that may happen at your house or at the home owner’s hands if he/she is within the territory of the policy.
Note that the dwelling policy or DP is similar to the home owners insurance, the only difference being that the DP is meant for residences, which do not qualify due to such reasons as vacancies/non-occupancy, age, or secondary/seasonal residence. This insurance policy requires that the named ‘insured/s’ occupy the house.
There are several types of home owners insurance policy that you should consider since different policies are meant for different home owners. You could go for HO1 (Basic Form Homeowner Policy), which is the basic policy which covers a home against eleven listed perils which include fire or lightning, vandalism or malicious mischief, windstorm or hail, theft, damage from aircraft or vehicles, explosion, riot or civil commotion, smoke, glass breakage, personal liability, and volcanic eruption. Exceptions are earthquake and floods. HO2 (Broad Form Homeowner Policy) covers the 11 perils plus ‘named perils’ to make a total of 17. HO3 (Special Form Homeowner Policy) is the most comprehensive and covers all risks, including floods and earthquakes.
Other home owners insurance Wyomissing, PA covers are HO4 or Renter’s Insurance, HO5 or Premier Homeowner Policy, HO6 or Condominium Policy, and HO8 or Older Houses policy.
The home owners insurance coverage rates you pay depend on the type of HOI. The rates are also determined by the coverage class, with the different classes being Coverage A (Dwelling), which covers the dwelling only, Coverage B (Other Structures), Coverage C (Personal Property), and Coverage D (Loss of Use/Additional Living Expenses). You could get additional coverage for such things as debris removal and damage to shrubs and trees on request.
Home Owners insurance Insurance Wyomissing PA If you own a home in Wyomissing, PA, take on a home owners insurance policy to protect yourself. Learn everything about the policy to make informed decisions.
