Whether you own or rent, there are different packages of home insurance offered to protect your home and belongings. Each package protects against a specified number of perils. Perils are events that cause damage to property. Three examples are fire, windstorm and theft.
An insurance form is another name for an insurance policy, and it specifies what perils your home and belongings are insured against. The following are descriptions of the various insurance forms available for homeowners, renters and condominium owners.
Homeowners policies may be written on an "open perils" basis or "named peril" basis. The "open perils" basis provides coverage to your dwelling for direct physical damage unless excluded by the policy. The specifically "named peril" basis states the peril that must first occur before the policy will respond.
Specific policies are available for homeowners, renters, condominium owners and manufactured homeowners.
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