8 Different Types of Homeowners Insurance


8 Different Types of Homeowners Insurance

Ever wonder how many different types of Homeowners Insurance policies there are out there? There are surprisingly many different types of coverage for your house. We have compiled a list ranging from the most common to the most unusual to think of:

  1. Hazard Insurance:

This is the most common Homeowners Insurance. This covers the house for most accidents. There are many exclusions and accidents that are not covered under this type of policy which is why there are so many “sub” categories of insurance.

  1. Wind Coverage:

Residents in Florida and other areas that experience heavy damaging winds are sometimes required to carry Wind Insurance for their property. This is usually bundled into the Homeowners Insurance Policy.

  1. Flood Insurance:

Depending if you are in a flood zone, you could be required to carry this type of insurance even if you are not near the water. Flood plains can be found in many places that you would not expect. Of course, if you do live near the water, the chances of Flood Insurance increases significantly.

  1. Interior / Exterior Insurance

This type of insurance is usually only required for condos and apartments. Due to the Homeowner Association usually covering the exterior, the Homeowner is required to have a “Walls – In” policy to protect the interior contents in case of a fire or other accident.

  1. Earthquake Insurance:

Homes in California and other areas that are situated on fault lines can be required to acquire Earthquake Insurance coverage added to their main Homeowners Insurance Policy.

  1. Commercial Umbrella Insurance:

This type of insurance policy is usually for Real Estate Investors that own bulks of real estate investment properties. This is usually found with multiple properties and covers these different properties all at once.

  1. Renters Insurance:

This covers belongings (depending on monetary value) located inside of the unit that a person is renting from a landlord or other third party.

  1. Lava Insurance:

Yes, Lava Insurance. Many residents on the Big Island of Hawaii are required to carry multiple insurance policies including; Lava Insurance. This type of insurance is divided into zones depending on the level of lava flow for that area. Let’s just hope you never have to use that insurance policy!

There are many types of Homeowners Insurance out there to meet your needs. Consult with your local Insurance Agent to see which policy is best for you. If you are not sure where to start, we have Insurance Agents that can get the process started! Click on the Consults tab to get an Insurance Quote.