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Since homeownership is an investment of time and money where memories are made and the place is more than just a structure, it makes sense that people will want to protect it by getting homeowner's insurance. However, not knowing the home insurance laws for the state of Maryland can cause problems for homeowners.

Why people get homeowner's insurance

Not only does homeowner's insurance cover the personal property and the home of the owner or owners, but liability coverage also protects homeowners if they are legally responsible for damaging another property or injuring another person. If you have a mortgage, your mortgage lender may require insurance as long as you have them as a mortgage lender. Also, check into reasons why an insurer is not likely to renew a policy and do what you can to avoid nonrenewal.

Types of policies

Home insurance covers anything from dwellings, personal property, personal liability, medical payments, loss of use, other structures, and more. Therefore, it makes sense that there are many types of insurance people can purchase. The type of policy you will get depends on the type of housing you have, how much you are willing or able to pay and how much coverage you believe is necessary.

HO-2 broad form

This only covers named peril such as:

  • Explosion

  • Fire and lightning

  • Riot and civil commotion

  • Vehicle damage

  • Windstorm

  • And more

HO-3 special form

The HO-3 Special Form covers all perils except for flood, earthquake, war, nuclear accident and a few others.

HO-4 renters insurance

Covers the same things as the Broad Form does

HO-6 condominium unit owners

Covers personal property and insures walls, floors, and ceilings.

Buying coverage

When it comes to buying coverage, be sure to comparison shop and don't buy solely on price. Ask for discounts, about deductibles, and ask for price quotes. Read the declaration page of your policy to ensure you have the coverage you requested and read your entire policy to make sure you understand what is and is not covered. Even if you are not in an area prone to floods, consider purchasing a separate flood insurance policy just to be safe.

By reading your insurance policy in its entirety, you will be able to anticipate what is covered when an issue arises and you can take steps to avoid having your insurance canceled or not renewed. Your home is too important for you to take chances.