What is homes Insurance and its types
Homes insurance is an agreement between a homes insurance company and a policy-holder. People get home insurance for the protection of financial loss in case of damages done to their homes and its contents. Home insurance basically provide additional security for your investments. People get home insurance policy for their protection against fire, storms and theft events. Most of the people do not know about the basics of home insurance policy and they face difficulty in selecting a good home insurance plan.
In this article we will tell you about the different types of home insurance and how to select a good insurance plan according to your financial needs.
Types of homes insurance policies
Homes Owners Insurance plan
In Homes Owners Insurance plan the company pays against damages done to your home and its belongings. There are different companies that are providing home owners insurance plans but selection of right insurance company is very important. There are following factors that must be considered before selecting insurance company for home owners insurance plan.
Location of your home and its construction style.
Complete structure of your home.
Home contents and your property.
Your legal and personal liability.
Condo Insurance Plan
In Condo Insurance Plan the company pays against the damages done to your condo and its belongings. Usually homes insurance policy have coverage for the condo but some companies do not provide condo coverage. There are following factors that must be considered before selecting insurance company for condo insurance plan.
Your liability of property damage
Your personal property
Injury done to others by your property
Renters Insurance Plan
In Renters Insurance Plan the company pays against the damages done to your rental home specifically due to water damage, theft, storms or other environmental damages. It also provide protection for home belongings. There are following factors that must be considered before selecting insurance company for renters insurance plan.
Probability of environmental damages
Body injury done to others by your apartment
|No||Canadian Companies||U.K Companies||USA Companies|
|1||Intact Insurance Company||Zurich Insurance Company||USAA Insurance Company|
|2||Aviva Insurance Company||Endsleigh Insurance Company||Amica Mutual Insurance Company|
|3||The Co-operators Insurance Company||Liverpool Victoria Insurance Company||Country Financial Insurance Company|