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A Homeowner’s Guide to Home Insurance Policy Types

16 Jun by 5280 Insurance

There are plenty of home insurance policies out on the market since homeowners need to protect their homes from many different types of risks. While there might be so much coverage involved, it’s best to seek and pick the ones that apply to your needs the most.

Here’s a short guide to different home insurance policy types to ask your provider about:

1) Basic Form Insurance

This type of insurance is the standard or most basic form of home insurance and protects your home from physical damage that may happen from certain perils. For example, lighting, windstorm, fire, smoke, and the like can be covered by basic form insurance. However, as this is the most affordable policy, stricter terms may apply.

2) Broad Form Insurance

Broad form insurance is the next step up from basic form insurance and extends the coverage you can get from the basic form. It can include more perils in the event of damage to your home and more structures on the property. The extent of this insurance coverage is bigger, making it a more considerable investment.

3) Comprehensive Insurance

Comprehensive insurance is the same as broad form insurance but with more coverage for additional structures on your property aside from your home to account for its total value. This means that your home and additional structures such as the garages, barns, sheds, and the like can all be covered by this policy.

4) Special Form Insurance

Special form insurance is policies that protect against potential losses, which are not specifically included in the basic and the broad form of home insurance. This type of policy may cover damage that may happen from events like vandalism, theft, explosion, falling objects, flood, earthquakes, storm surges, and glass breakage, among others.

5) Renters Insurance

Renters insurance is not the same as home insurance and is designed for people who live in rented houses or apartments. Like other policies, it can protect your personal property and any liability that may arise from the use of your residence. This secures your possessions in case of loss, damage, or theft.

6) Walls-In Insurance

Walls-in insurance is a type of policy that protects the walls and foundation of the condo that you reside in from damages. This is the cheapest form of home insurance but may not cover the entire cost of repairs depending on the extent of the damage. It is ideal if you are holding renovations, though.

7) Mobile Home Insurance

Mobile home insurance is designed to protect your home if it is mobile. Like other home insurance policies, it aims to protect your property and assets by providing coverage for liability that may arise from damages such as those of another person. Coverage may also extend to its contents, such as furniture and appliances.

8) Historic Home Insurance

Historic home insurance may be a policy more relevant to those who own a home that is worth a considerable amount of money. This policy is for homeowners whose home is older than 50 years and is also considered an age-old landmark in an area. It may come with a higher premium than that of a standard policy.


Your home is an important investment, and it’s best to protect it from various risks to save you the hassle and expense of having to replace it. Buying a home insurance policy is a wise decision, and you can use the information shared here to get started.

Looking for the best home insurance in Colorado? 5280 Insurance offers auto insurance, home insurance, motorcycle insurance, umbrella insurance, flood insurance, and more. Get in touch with us now!

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