Your home is the biggest investment of your life. For this reason alone, you should keep it safe and secure by buying a suitable homeowner’s policy. These policies can cover personal property loss, fire damage or other disasters. A well written homeowner’s policy can restore your home to it pre-incident status. Also, if legal issues arise, your insurance company is a barrier of protection against a lawsuit from anyone injured at your home.
Premium costs are determined by a variety of factors. One factor is the quality of your insurer, another is whether the policy is written on a named perils or all-risk basis. The named-perils policy only covers those specific losses named in the policy. The all-risk policy covers all risks not named in the policy. In the all-risk policy, the language makes your coverage broader and the burden of proof is on the carrier in the event of a claim for loss.