Why Buy Homeowners Insurance?

Compass Insurance in Centennial, CO are experts in homeowner insurance and will guide you in the right direction to purchase a policy that will meet your needs. Is homeowners insurance just another expense or is it essential? What if something happens to your personal property or your home? A good homeowners policy results in saving money if your home or belongings are damaged. A policy will also raise your awareness of how to protect your home from any natural disaster by upgrading your home.

While homeowners insurance essential to protect your dwelling, personal property, and financial interests, it is not required by law. However, to obtain a mortgage on your home, insurance is required as a matter of contract but not as of law to protect the financial interests of the mortgage company.

Eight types of homeowners policies have their unique coverage to protect homeowners from certain events which harm the dwelling. These policies or forms were promulgated by the Insurance Office, Inc. and the American Association of Insurance Services. These organizations collect data, create rating information, standard policy forms, and present this information to state regulators to be used by their client insurance companies. These policies exist for homeowners for both new and older homes, condos, renters, and owners of mobile homes. The specific policy forms are:

1. HO-1 is the basic form that covers against certain named perils.
2. HO-2 is named the broad form, which many homeowners purchase which is a broad form policy that is a type of homeowners coverage covering HO-1 perils plus other events.
3. HO-3 is considered a special form because it covers a broad range of events and is considered an open peril policy.
4. HO-4 policy is renters insurance
5. HO-5 is viewed as a comprehensive form which covers more perils than the other policies.
6. HO-6 is the condo form.
7. HO-7 is the mobile home form
8. HO-8 is the older home form

The agents of  Compass Insurance in Centennial, CO will advise you of your homeowner insurance needs.  Please call for an appointment!