Home insurance is one of the most important financial protections you can put in place for yourself and your family. Western States Insurance Group, the premier home, farm and ranch insurance agency in Lovington, NM, offers customers a wide range of affordable policies that are designed to meet their lifestyle needs. Below, these experts outline the five types of home insurance you need to know about, so you can choose the coverage that is right for you.

1. Basic Coverage

A basic policy is inexpensive and offers the minimum amount of coverage. It does not normally cover damage to items within the home unless they are specifically listed in advance. Basic coverage protects your property against several named perils including fire, lightning, hail, theft, and vandalism. It typically does not cover floods or earthquakes. Basic policies do not offer liability protection should you be sued by someone injured on your property.

2. Broad Form Coverage

This type of home insurance includes everything basic policies cover, plus falling objects, pipes bursting, frozen air conditioning or heating systems, and damage due to the weight of ice and snow. It also covers the items inside your home and offers personal liability protection in the event of a lawsuit.

3. Special Coverage

Special coverage includes everything in the broad form category, plus any attached structures such as a deck or garage. Since this home insurance does not list named perils, it protects against any type of damage that might occur unless specifically excluded in the policy.

4. Condominium or Mobile Home Coverage

Condo and mobile home coverage are specifically designed for owners of condos and mobile or manufactured homes, which are usually excluded from traditional home insurance policies. Condo coverage extends only to the interior, including floors, ceiling, and walls. Like traditional home insurance, mobile home coverage protects the structure and your possessions, with the added benefit of collision protection while your home is in transit.

5. Renters Insurance

Renters insurance does not cover a structure, but it does protect you and your belongings in case of an accident or theft. These policies also include liability protection, and usually cover additional living expenses like hotel charges and dining costs should your home become uninhabitable.

Western States Insurance Group, the leading home insurance agency in Lovington, NM, offers expert advice and guidance when you're seeking dwelling coverage of any type. Visit their website to learn more about their services, or call (575) 396-1318 ext. 1 for Stella Fernandez, our home specialist.