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Looking for Home Insurance Policies? – Check out These Options

By Shiladitya Roy Subscribe to RSS | January 17th 2012 | Views:
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Which is the most precious investment of your life? Unquestionably, it’s your home! Somebody had aptly said, “Home Sweet Home!” This is the reason most property holders look for effective insurance to protect their homes. Choosing perfect insurance policies can prove a little dicey, if do not explore well.

You will come across a number of insurance companies promising the best insurance packages, benefits and perks. Should you rely on them blindly? Of course not! You should do your own research on these service providers, and then choose the one that suits your needs.

You might be provided with a plethora of options for the safety and protection of your home. However, you should opt for the policy that suits your budget.

Before signing on any agreement, you should first check out the options that are available. Collate substantial information on the essentials of home insurance policies offered by a insurance company.

Ask as much of questions to clarify your doubts. And also remember to get quotes from the companies offering insurance services.

Here are some options that you should check out before opting for a policy:

HO-1 Policy

The HO-1 which is also known as the ‘Homeowner’s Basic Policy’, is the most fundamental of all policies. It will not only cover your abode but also the furniture and fixtures in it. Peril doesn’t give prior intimation before arriving! Therefore, you should take precautions before hand, in case there are some contingencies.

A policy as this will protect your peaceful dwelling from the tentacles of theft, fire, natural disasters such as cyclones, hurricanes or typhoons. The policy will cover all expenses.

This policy actually shields your home and its valuable belongings from ten various types of hazards. However, some companies have withdrawn this service owing to its obsoleteness in several states.

HO-2 Policy- More Comprehensive!

HO-2 is preferred by more home owners as it is more comprehensive than the first one. It defends your home and fixtures from 16 different vulnerabilities and dangers. Besides coverage from thefts or fire, it also covers damages caused by heating, plumbing, power hazards, ice, and AC.

This policy is ideal for you if you happen to reside in a freezing zone. I would suggest one should opt for the HO-2 policy instead of the HO-1. This is because the former is not only comprehensive, but also more practical. However, do your research well before choosing one.

HO-3 Policy

This policy is also known as ‘Special HO Policy’ has more focus on the structure of your home. It covers most of the hazards that might damage your house, except the ones that are specifically mentioned in the company agreement.

Opting for HO-5

This gives you the best deal as it is the most wide-ranging of all the policies mentioned above. However, this policy is expensive than the others since it an all comprehensive one.

HO-5 is worth the investment because gives your home and furniture protection from all the possible calamities. The disasters that are exclusive of this policy are tremors, war and floods.

HO-8 for Ancestral Home

If you have an ancestral or traditional home, then HO-8 is the ideal policy to choose. It focuses more on the current market price of the house. However, it does not cover any replacement expenses.

Hope this article helps you to choose the best insurance company to protect your beautiful abode in case of any emergencies.

Shiladitya Roy - About Author:
Harmony general is a general insurance company based in Barbados. We provide customized insurance deal to our clients. Harmony General benefits you in a number of ways, among which, our articles over several directories provide you with insurance information you need.

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