10 Best home insurance rates

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Washington D.C.

In Washington DC, like most places, homeowners insurance is not required unless the property is under a mortgage, in which case the lender typically requires insurance to protect their investment. There are no legal restrictions on how much insurance to purchase for a home, but most insurance companies reduce the amount they pay on a claim if the insurance coverage is less than 80% of the home's total replacement cost. Policies that provide coverage for personal belongings pay 50% of the home's value for items damaged, and other structures on the property may be covered for up to 10% of the dwelling coverage value. There are several types of insurance available for homeowners in DC, with varying levels of protection.

Dwelling fire form

This type of insurance covers dwellings in the event of a fire, and covers damage due to flames as well as exposure to smoke. Only the property is covered under dwelling fire form insurance, and not personal belongings or bodily harm. This insurance also covers damage due to:

  • Civic unrest
  • Explosions
  • Lightning
  • Damage done to homes by vehicles
  • Wind and hail storms

Basic form and modified coverage insurance

In addition to the protections offered by dwelling fire form insurance, basic form covers damage due to theft and vandalism. Modified coverage is available for older homes whose value is not greater than the market value, so less insurance is needed to replace the property if it is damaged. This type of insurance can also cover the items inside a dwelling, unlike basic dwelling fire insurance.

Broad form insurance

Broad form insurance provides more comprehensive coverage for dwellings, as well as the personal belongings inside a home. Along with the events covered under basic form insurance, this type of insurance covers:

  • Trees and falling objects
  • Damage due to the weight of ice and snow on a home
  • Water damage due to rupturing from freezing pipes, sprinkler systems, heating, and air conditioning system malfunctions

Special form insurance

This is the most popular form of insurance, as it covers the widest range of perils. These policies commonly exclude certain situations, such as damage due to floods, earthquakes and acts of war. Special form insurance provides coverage for dwellings in any event that is not specifically excluded in the policy. If exclusions are not specifically listed in the policy, then coverage is provided for the home itself, but this extra coverage does not extend to personal belongings.