Universal provides the following universal home insurance policy to cover against loss or damage due to fire, storm, lightning, theft, vandalism and third-party negligence: Homeowners’ General Liability Policy. Covers your entire home, including the structure, including the floors, ceilings, walls and roof. In case of a fire, loss of rent due to tenants, legal fees, replacement costs, and charges of both local and state government agencies. Liability coverage is provided to homeowners, tenants, renters and other parties. You can also get additional riders like personal property protection, comprehensive flood insurance, or renters’ insurance for additional coverage.
The first type of universal home insurance is the homeowners’ general liability insurance policy. This is intended to provide coverage for property damage, personal injury and property damage, from fire. It will cover the expenses for nursing care and other related payments. The policy may include additional personal property protection. This is usually the cheapest of all policies and the most commonly chosen one among homeowners. In order to have maximum protection, however, it is advisable that you get an umbrella policy with a higher ceiling value.
Another common type of home insurance is the dwelling-loss coverage. This policy pays off the cost of rebuilding your dwelling, minus depreciation over the period of the policy. Usually, this will include personal belongings left inside the house, but this may vary. Other items may be excluded. Usually, your homeowners’ liability insurance quote will include the dwelling loss coverage.
One frequently asked question by homeowners is what are the different kinds of coverage offered by homeowners’ insurance companies. There are actually five basic policy types. Among these, the three most common are: dwelling coverage, renter’s insurance, and term or catastrophe insurance. There are also two exclusion categories in a standard homeowners’ coverage policy: property protection and liability insurance.
Dwelling coverage, as the name implies, covers the cost of rebuilding your dwelling following a disaster, such as a fire. In most states, this kind of home insurance coverage requires that you also obtain renter’s insurance to cover your living expenses, such as rent, mortgage payments, and personal liability. You can select this coverage if you want to protect your personal assets from damages due to a rented dwelling.
Renters insurance is often referred to as “personal property protection” or “umbrella” coverage, due to its similarities with the basic policy. Although renters can be covered individually as consumers with a renters’ policy, renters usually do not have the same protection under a standard home insurance policy. Renters’ coverage usually does not require a deductible. Instead, it provides the same benefits to tenants as homeowners’ coverage, which generally has a deductible. Renters can usually also insure the personal property belonging to their home, as well as the personal belongings kept inside the home.
Flood, earthquake, and fire damage are examples of situations that might require a special type of coverage. If you’re concerned about natural disasters, there are two basic questions you should ask your insurance company. The first question you should ask is what areas of the country are included in the company’s flood map? All home insurance companies are required by federal law to include a portion of their area in their maps. The maps are often updated several times a year, but if your area is still not on one, you should inquire about adding it.
Another frequently asked question is, what areas of the country are covered by their “umbrella” policy? Most insurance companies include all 50 states in their basic policy, but some choose to add or exclude certain states based upon a number of factors. These factors may include the likelihood of high theft rates, higher crime rates, or the size of a state’s population. Some companies also include specific coverage for medical payments, lost income, and personal property damage due to a fire or tornado. These types of policies will typically cover damage caused by a natural disaster, such as hurricanes, tornados, earthquakes, or fires.