What is covered under Property Coverage or Homeowners?
BASIC FORM: Covers Fire & Lightning only. You may optionally buy coverage for Extended Coverage (adds wind, hail, aircraft, riot & civil commotion, damage by non-owned vehicles, explosion & smoke) and you may also optionally buy Vandalism protection. BROAD FORM: Includes all of the Basic Perils protection (including Extended Coverage & Vandalism) and adds protection for burst pipes, weight of ice & snow, collapse and falling objects. SPECIAL FORM: A much broader method of insuring property. Instead of saying “we will cover X, Y, & Z,” the policy basically states, “we will cover anything that happens except, X, Y, & Z.” The major exclusions are flood, earthquake, wear & tear, and similar perils. Obviously, a brief narrative such as this isn’t intended to replace the more detailed & binding language of the policy itself; but the hope is that you will find this comparison helpful to your decision process. Please feel free to call with any questions.
