Thank you for tuning in and welcome back team in today's episode of real estate facts you'll learn about homeowners insurance with eight types explained in this video is actually gonna come courtesy to you of one of our wonderful community members Caitlin value ought I hope I pronounced that right Caitlin but nonetheless thank you so much for asking.
The wonderful question about what is an umbrella policy so let's go ahead and answer her question real quick and then we'll get into the video with the eight different types of homeowners insurance exclaimed so Caitlin just up front an umbrella policy is essentially like an excess liability insurance that help safeguard one's assets savings if they.
Were ever sued for any reason so I'll be making another video special for you and everyone else in our community about umbrella policy specifically later on anyways my name is Andrew Finney your real estate key thank you so much for watching today if you need help finding a top agent what you live or if you simply want to drop me on the line and.
Say hello my contact info is below if you haven't already done so please go ahead and subscribe this channel now and like this video so let's go ahead team and get into the different types of homeowners insurance I mean when you get really close on your home it's gonna be an absolute requirement your lender is going to require you to have homeowners.
Insurance there's so many different types out there it can be difficult to narrow down exactly what type of policy and what kind really best fits your needs so after today's video you'll know more about the eight types number one you have what's called a homeowner of one which is a basic you have homeowner two.
Which is abroad you have homeowner three which is a special type of homeowners insurance and then underneath that third category there's also something called a hob which is essentially a hybrid of a homeowner three policy with open and named perils and then the fourth policy type that you have is a tenant or renters insurance the fifth type is a.
Comprehensive insurance the sixth type is a condo insurance the seventh type is a mobile home insurance and the eighth type is like older home insurance so now that we've identified the eight different types of homeowner's insurance let's go ahead and take a closer look at each one those leading in with homeowner insurance number one the basic.
So the basic form of homeowners insurance is just that it's very basic and it'll usually financially safeguard against ten named perils so a named peril or something like what we're about to review and over these ten types of course since I am a trusted real estate adviser and not a insurance agent if you have specific questions about this.
Please contact your insurance agent okay let's go ahead and get into those ten named perils underneath the basic form you have fire or smoke you have explosions you have lightning hell and wind storms theft vandalism damage from vehicles damage from aircraft and riots and civil commotion and lastly volcanic eruptions so you can sometimes get.
Coverage for the belongings inside your home in addition to the structure itself but the items that you want coverage for generally must be specified at the time that you purchase your policy that's why it's so important to have this conversation with your insurance agents and know what kind of insurance you should have given the area that you live.
In floods and earthquakes are not typically covered with this type of insurance and neither is your personal liability just for reference there okay so then what we look at is homeowners – which is the broad form and now the broad form is going to include everything that the basic did including now adding to your perils lists falling.
Objects weight of ice snow or sleet freezing of household items like an AC or heating unit right sudden and accidental tearing apart cracking burning or bulging of pipes and other household systems accidental discharge or overflow of the water system so it's important to note what kind of inclusions and exclusions you're going.
To be getting depending on what kind of damage is caused and how it's caused in the Vince that led up to those events or what are called perils in the insurance world okay so then we move in to step three or the third type of homeowners policy which is a special form so the special form is a policy that is most common for a lot of homeowners namely.
Because it covers a broad range in a house of interchangeability going on with it and the general affordability at large it covers all the perils that we're mentioning in a homeowner's policy number two which is a broad form and if you remember the broad form also included everything in the basic form so it covers all of that so then what makes.
It well it doesn't limit the coverage of only the name pairs it can also provide more financial protection than the broad form of homeowner's insurance which excuse me which actually will include like your belongings personal liability and you can add additional riders to it such as for earthquakes floods because.
It's important to note that when it comes down to like earthquake insurance flood insurance different type of insurances like that those are special insurances so a lot of these like the first three that we've talked about so far the basic the broad and the special form of homeowners insurance they will not cover earthquakes and floods just as.
A matter of practice they don't only don't do that so you want to make sure that you're getting those special provisions as needed the reason and when we were introducing the different types of homeowners insurance policies I mentioned underneath three you'd have something called like a hob right so the hob is typically provides more coverage.
Against water damage for the coastal areas of the United States it also could be for rural areas of the country for farmland consider that because it can it covers things like garden tractors boat or both trailers lawnmowers and other similar accessories while they're on your property so it's important to know that now the fourth type of homeowners.
Insurance is actually attend it it's called tenants form which is whenever you think of like renters insurance and Richards insurance generally covers the belongings that against some of the perils and the second form of homeownership or homeowner insurance being the broad form and some of the additional living expenses of something.
Where they happen to your rental unit it just really depends you need to check with your renter or you need to check with your insurance agent about renters insurance and see exactly what it's going to cover but generally you're looking at getting your belongings covered in that the fifth type is a comprehensive form so the fifth type of.
Homeowner's insurance is a comprehensive type a comprar a comprehensive foreign policy is covers more perils than any of the other types of the policies and its kind of has some similarities to a special form in the sense that you can also have an open peril policy that can financially safeguard you against perils unless the policy specifically excludes.
Them in the of the terms of the policy now the following are typically excluded are typically excluded from a comprehensive form earth movement and floods settling shrinking bulging expanding of your home's foundation your pets and other animals mold fungus and rot intentional loss war government action in nuclear.
Hazard ordinance or law ordinance or law smog rust or corrosion those are generally things that are excluded from the policy okay so it's important to know that so that when it comes to your personal belongings the fifth type of homeowners insurance being a comprehensive form typically covers more perils than your average third version.
Of your homeowners insurance which is your special form and your personal liability is covered up to the limits that you choose so even though the this form there being the comprehensive form of homeowners insurance is typically more expensive than the special form of homeowners insurance it may not be offered by all insurers it.
Is the broadest type of homeowner's insurance that you can get so you need to check with your insurance agent and see if they offer the comprehensive form and if so how does that work and what are the terms that you're looking at what are you looking at whenever it comes with this type of comprehensive insurance the sixth type is simply for.
Condos so with condos it protects the belongings and personal liability it also as known as condo insurance it typically extends to the walls two floors to ceiling of the unit so some of the incidents covered underneath the typical homeowner's of policy generally apply to this sixth form of homeowner's insurance so something to think about.
There so the 7th the 7th form of homeowner's insurance is actually a mobile home form so a mobile home is obviously not the same as like a fixed home if you will so there's a special type of homeowners insurance for that so that's the seventh type that 8th type here is for an older form older home forms so with older home insurance what.
You're looking at is generally homes that are like annotated as historic in nature to register landmark or they're just what's considered old by the insurance standards again the best source of all this information about the different types of homeowners insurance policies they explain them even in more detail is.
Going to be your insurance agent and I really do want to thank Caitlin value opted for contacting me to ask him about what an umbrella policy was from just a fleeting comment that I made in one of my other videos and I'm really glad that she clued in on it and I'm super happy to be making this video today for you our community and our team so tell me.
What you're taking from this video you know tell me what you took away I mean it was it first of all there's actually eight different types of homeowners insurance or was it like maybe knowing that you may need to make special provisions for like earthquake some flood insurance in addition to your homeowners insurance or was it the fact.
That you can actually get homeowners insurance on an older home tell me what you're thinking about this along with any of your homeowner insurance tips that you would like to share with us in the comment section below I'm going to go ahead and make my contact information available right now if you want to reach out to me just to.
Say hi if you need help finding a top agent where you live please let me know love to hear from you now if you haven't already done so I'm going to ask you to do three things number one please subscribe to this channel number two please like this video number three please share this video around with someone you know it's gonna be able to.
Help in between now and next time I'm wishing you and yours a lifetime for love wealth abundance and happiness thank you so much for watching today team must see you again soon