All About Home Insurance

There are two basic ways to protect your home through the purchase of insurance. The first is homeowners insurance which covers your home and its contents. The second is mortgage protection (a life insurance policy that pays off your mortgage in the event of death). Your Salmeri agent can assist you in determining which insurance is right for you. Your Salmeri agent can be found at the agent locator. In this section you'll find:

The two kinds of Homeowners Insurance
Policy Types
Renters and Condominium Insurance
Liability coverage for injuries and property damage
Living expenses
How to get the lowest rates
Keeping your policy up-to-date

Two Kinds of Homeowners Insurance
Homeowners insurance policies can be divided into two categories: "Named-Peril Insurance" and "All-Risk Insurance." Named-peril policies pay only for the causes of loss specified in the policy. All-risk insurance covers losses except those specifically excluded in the policy.

Policy Types:

The Special Form Homeowners Package Policy covers the dwelling, separate structures and loss of use on an accidental direct physical loss basis and the personal property on a named-peril basis. The named perils include such perils as fire, extended coverage, broad form and theft. In addition, this policy protects you and your family members against damages for which you are legally responsible, arising from bodily injury or property damage.

The Protector Plus and Townhouse Protector Plus Policies protects against identical perils as the Special Form and adds many additional coverages.

The Broad Form Renters Package Policy cover the renter's personal property and building additions and alterations and loss of use on a named-peril basis. In addition, this policy protects you and your family members against damages for which you are legally responsible, arising from bodily injury or property damage.

The Townhouse and Condominium Owners Package Policy covers the dwelling and separate structures on an accidental direct physical loss basis and personal property on a named-peril basis. Loss of Use is covered on an accidental direct physical loss basis for Townhouse and on a named peril-basis for Condominium. In addition, this policy protects you and your family members against damages for which you are legally responsible, arising from bodily injury or property damage.

Here is a list of the named perils covered:

1. Fire or lightning damage
2. Windstorm or hail damage
3. Damage caused by explosion
4. Damage caused by riots or civil disturbance
5. Aircraft damage
6. Vehicle damage
7. Smoke damage
8. Vandalism or malicious mischief
9. Loss from theft
10. Glass breakage
11. Damage caused by volcanic eruption
12. Falling objects
13. Damage caused by collapse due to weight of ice, snow or sleet
14. Freezing damage to plumbing, heating/air conditioning or household appliances
15. Accidental discharge or overflow of water from plumbing or a heating/air- conditioning system
16. Damage from a sudden and accidental discharge of an artificially generated electrical current
17. Damage caused by sudden and accidental tearing apart, cracking, burning or bulging of a heating/air-conditioning system, a fire-prevention sprinkler system or an appliance for heating water

Here is a list of a few perils commonly EXCLUDED from homeowners policies (Check your policy for specific exclusions.

1. Damage caused by flood
2. Damage caused by earthquake
3. Damage caused by war or nuclear accident
4. Damage caused by earth movement

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