Homeowners Insurance Quotes: The Difference

2007-03-08 10:33:40

( Insurance )



Most people who own a home carry at least one form of homeowners insurance. Most mortgage lenders also require you to purchase a home insurance policy if you are taking out a mortgage against your house. You are required by a lending institution to have some type of home owner’s insurance at least until the loan is paid in full. Insurance is not necessarily unusual but a lot of people know little about their policy except for the name of their insurance carrier. A homeowners insurance quote may look the same from one insurance carrier to another. However, household insurance quotes may vary from carrier to carrier and even from state to state.

Homeowners insurance is called by other names like dwelling insurance, hazard insurance and fire insurance. The most common term however, is home insurance. Nevertheless, coverage from these types of insurance should be differentiated to avoid confusion when you are finally getting homeowners insurance quotes. These names do not mean the same thing from a carrier’s point of view. And this may significantly affect the coverage you will get if you file a claim.

You should get homeowners insurance quotes for a property you actually live in. However, exceptions may be granted if close relatives are living in a property that you own. You have to notify your insurance carrier about this because eligibility varies from state to state. From a carrier’s point of view, the difference between these types of insurance policies is when the actual owner of the property lives in the property that is being insured.

If you do not live in the insured property, you should opt for a different type of coverage. Other insurance policies available are dwelling insurance or landlord insurance. These policies offer coverage for the property when the owner does not physically live in it.


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