What are the criteria for determining whether it makes sense to buy special perils coverage for my homeowners insurance?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: May 10, 2010
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from NULL, NULL
Asked on 05/10/2010
What are the criteria for determining whether it makes sense to buy special perils coverage for my homeowners insurance? NULL
Answer given on May 23, 2010
If your home qualifies for Special form, it is the preferred form of coverage. There are 3 forms; Basic, Broad and Special. Of the 3, Special Form offers the most comprehensive coverage. Under special form losses are covered unless they are specifically excluded on the policy. Common exclusions are; war, flood, fungus, etc. Basic form offers 11 covered losses; fire; lightning, explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, or volcanic action. Broad form covers the losses on the Basic form plus falling objects, weight of ice, sleet or snow, and accidental water damage. On the Basic and Broad form the insurance company has to specifically include the cause of loss for coverage to respond. On Special form the Insurance Company has to specifially exclude the cause of loss, otherwise the loss will be covered.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.