Homeowners
Insurance
Types of policies
Homeowners policies differ by which losses are covered, which coverages
you choose, and what type of residence you own. You choose which
policy is best for you, whether it’s a comprehensive policy
that cover losses such as fire, hail, smoke, falling objects, vandalism
and theft of personal property, or whether it’s a policy that
covers only specific losses you want protection against. The two
types of homeowners policies, also know as multi-peril policies,
you can choose from are:
- Specified perils — Covers losses resulting from perils
specifically listed on the policy.
- Broad risk — Covers losses resulting from all perils that
the policy doesn't specifically exclude. (Also called Broad Form
coverage.)
For additional premiums, other losses such as earthquakes can be covered.
Types of coverages
The four types of homeowners coverage a policy provides are:
- Structural — Covers damage to your home or dwelling.
- Personal belongings — Covers damage to items in or on
your home or dwelling.
- Liability protection — Covers your legal responsibility
for injuries or damage to other people or property.
- Additional living expenses — Covers costs for temporary increases in
housing, meals, etc., while your home is being restored or rebuilt.
Structural and Personal Belongings coverages are available on an actual
cash value (ACV) basis or at full replacement cost. ACV coverage considers
the current market value of an item based on its age and condition.
So, if you purchased a television for $400 four years ago, the value
today would be significantly less than it was when you purchased it.
ACV coverage would depreciate the item's value to determine the current
value. Full replacement cost considers the current cost to replace
an item. Every insurance contract is different, review your contract for specific coverages and exclusion.
Vacant Home Insurance Kentucky
- We can insure your vacant home today. We offer a
90 day vacant home policy or fire dwelling policy. Rehabbing your investment property? Selling your vacant home? We can insure you now!
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for an FREE Quote
502-245-3625
Homeowners Insurance, Home Insurance
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Homeowners Insurance. We are located at 12200 Shelbyville Road, Louisville, KY 40243
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