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“Perils” are the emergencies your policy covers. A named-perils policy protects you against the specific perils named in your policy. An open-perils policy protects you against all perils except those that your policy specifically excludes.

Home insurance policies, even those that cover “all perils,” have coverage gaps. Some common exclusions are:

• Flooding

• Earthquakes or land movement, such as landslides, mudslides, and sinkholes

• Poor maintenance or routine wear and tear, such as mold due to neglect

• Pest damage

• Liability coverage for banned dog breeds^[1]

• Some exterior features, like a pool or detached garage

• Home office

• Rare or expensive valuables

You can purchase additional policies, like flood or earthquake insurance, to ensure protection from those disasters. Some homeowners living in high-risk areas may have policies that exclude damage from disasters like wildfires, tornadoes, wind, and hail. Private and state-backed insurers offer coverage in those cases.

Most insurers also offer optional coverages. For example, you can purchase higher liability limits and increased coverage limits for valuables. It’s also smart to review your coverage limits after home renovations or modifications in case you need more protection.

Homeowners insurance policies are relatively standard nationwide. Some states and insurers may offer policies that are slightly different or have other names.

These are the most common policies, though many homeowners add additional coverages, or endorsements, to increase their protection:

• HO-1 is the policy type with the most limited coverage. It’s a named-peril policy, meaning it only covers disasters the policy specifically names and may not cover personal belongings. It covers against the first 10 perils, but it’s also no longer available in most states since it’s so limited.

• HO-2 is a basic policy that covers all 16 disasters. It’s also a named-peril policy. It typically offers replacement cost protection for the dwelling and actual cash value coverage for personal belongings.

• HO-3 is the most common type of policy for single-family homes. It’s sometimes called an all-perils policy, which means it covers all disasters other than those specifically excluded. It covers your home and other structures on the property at replacement cost and belongings at actual cash value.

• HO-5 is an all-perils home insurance policy popular with high-net-worth homeowners. It covers the dwelling, other structures, and personal belongings at replacement cost.

• HO-6 is a home insurance policy for condo or co-op owners. It covers your personal belongings and the part of the building you own.

• HO-7 policies are for mobile homes and can be named-peril or all-peril policies.

• HO-8 is a home insurance policy for older homes with features that would be difficult to replace. It’s typically a named-peril policy and only pays actual cash value for a covered loss.

Lastly, don’t forget HO-4. An HO-4 policy is a renters insurance policy. It’s for tenants, not homeowners. It typically covers your personal belongings at replacement cost.

Buying a home for the first time can be intimidating, and you’ll generally need home insurance to secure a mortgage.

You can start by gathering your personal information and details about your new home. Then, think about how you want to compare quotes and buy a policy. From an agent? Through an online platform? For example, with Insurify, you can compare multiple home insurance quotes quickly and also speak with an agent to ask questions before you buy.

Next, consider your coverage needs. Your mortgage lender will likely have minimum requirements for some coverages, even additional coverage like flood insurance. Getting enough coverage to rebuild your home and replace your belongings offers the most protection. Here are the standard coverages in a home insurance policy:

• Dwelling

• Other structures

• Personal property

• Loss of use

• Liability

Once you have a good idea of what you need, you’re ready to shop around. Insurify recommends getting at least three quotes from different insurers.

Here are three quotes for $300,000 of dwelling coverage, according to Insurify data. These quotes reflect the monthly national average rates for each insurance company.

• State Farm: $226

• Travelers: $167

• Allstate: $188

Once you’ve got some quotes, here’s how to compare them:

• Compare apples to apples. That means comparing quotes for the same coverage. If a quote is much cheaper or more expensive, double-check the type and amount of coverage.

• Identify policy type. Ensure this has the coverage you want. Does it cover all “perils” or disasters, or only the perils the policy names? Understanding the type of policy will help you identify if it has any coverage gaps. If one policy is cheaper but you’ll need additional coverage for complete protection, that could change how it compares.

• Look for discounts. Discounts can significantly lower your insurance premiums. Bundling your home and auto coverage is a popular option. You can also earn savings for installing security systems and making certain home improvements.

• Research insurer reputation. Cost isn’t the only factor to consider. You can find a cheap policy, but if the company isn’t reputable and able to pay out your claims, it might not be worth the lower bill. Look at customer reviews and industry scores to make sure you can count on your insurer to back you up when you need it.

Finally, remember to review all your policy details carefully before buying. Looking through your policy with an agent is a great idea when you’re still learning the ropes. When you buy a policy for a new home, it typically takes effect the day you close.

As a homeowner in a high-risk area, you probably need more than just a standard home insurance policy. Even standard policies have coverage gaps, such as damage from flooding and earthquakes. But sometimes, insurers also exclude perils common to a region, like wildfires.

When comparing home insurance quotes, be sure to factor in any additional coverage you’ll need. For example, if you live in a federally designated special flood hazard area (SFHA) and have a federally backed mortgage, your lender will require you to have flood insurance.

If you live in an area of California with a high wildfire risk, your insurer may exclude that from your policy, so you’ll need to purchase separate coverage for protection.

Some common types of additional coverage are:

• Flood insurance^[2]

• Sewer or water backup insurance

• Earthquake insurance^[3]

• Wind or windstorm insurance (hail, hurricane, tornado)

• Wildfire insurance^[4]

• Extended replacement cost protection for valuables

Consider Florida as an example. Florida has the most expensive average home insurance costs in the country, according to Insurify data. That’s before factoring in any additional protection, like flood or wind insurance, that many Florida homeowners need.

Here are three quotes for $300,000 of dwelling coverage in Florida from three different insurers, according to Insurify data. These reflect the monthly national average rates for each insurance company.

• State Farm: $383

• Nationwide: $566

• Allstate: $609

When you sit down to compare quotes, make sure you have relevant personal information, details about your property, and any requirements from your mortgage lender. That will help you seek quotes for all the coverages you want or need.

Once you’ve got at least three quotes, you can compare them by:

• Getting organized: You’ll probably need to compare multiple policies and the total cost against each other, so create a system that works for you. Whether it’s a spreadsheet or a yellow legal pad, organize the information so you can confidently compare costs.

• Noting what policies do and don’t cover: Say one policy covers wind damage but another doesn’t. Compare the policy that covers wind damage to a similar policy or to separate windstorm coverage, plus the policy that doesn’t cover that damage.

• Including quotes for additional coverage: This is similar, but be sure to include quotes for additional insurance when you’re comparing home insurance. Adding up the total cost and understanding what that coverage includes will help you compare accurately.

• Checking consumer reviews: Cost and coverage are important, but so are customer service and claims satisfaction. Check user and industry rankings to find an insurer you feel you can trust.

High-risk areas often face higher insurance premiums and increased requirements. But you still have savings opportunities available to you. Ask about discounts and look into grants that offset the cost of resilience improvements.^[5]

If you’re insuring a high-value home, you’ll need more coverage to provide adequate protection. HO-5 home insurance policies are popular with homeowners insuring high-value homes with costly contents. This policy type covers your home, other structures on the property, and your personal belongings, all at replacement cost value.

Gather your personal information and details about your home and property before you sit down to compare quotes. Chubb, AIG, Westfield, and National General are among the best companies for high-value home insurance, based on Insurify analysis.

Depending on your coverage needs and the insurance company, a standard HO-3 policy with higher limits may also work for you.

Consider the standard coverages you need, like dwelling and personal property coverage, as well as any additional protection, like flood insurance. Once you’re organized, get quotes from at least three different insurers.

Here’s a look at quotes for $750,000 of dwelling coverage, per Insurify data. They reflect the monthly national average rates for each insurance company.

• Westfield: $224

• AIG: $335

• Chubb: $641

The annual premium may be the most important factor for you, but there’s more to good insurance than just an affordable premium. When you compare quotes, you should:

• Consider different policy features. For example, Westfield has lower premiums, but Chubb builds extended replacement cost and water backup coverage into its standard policy. Assessing your risk could help you determine what’s the better value for you.

• Think about what’s most important. Do you want to insure multiple assets all with one company? Bundle policies for the most affordable monthly payment? Really consider your own needs so when you compare quotes, you’ll be able to spot a good fit.

• Review any additional coverage costs. If you live on the coast or in a high-risk area, make sure you look into the cost of other necessary protection, like flood insurance, and include that in your bottom line.

• Confirm financial strength. In the event of a total loss, you want to make sure your insurer can pay out your claim. AM Best rates the long-term credit and financial strength of insurance companies, and a high rating from AM Best can help you feel better about your insurer’s stability.

Always review a policy carefully before buying, and take your time if you’re able.

Insuring a condo requires a specific type of home insurance policy. You’ll still need coverage for your personal belongings, as well as loss of use and liability protection. But when it comes to the actual structure, you’re only insuring the part you own.

Start by evaluating your belongings to determine how much coverage you need. Then, carefully read your homeowners’ association (HOA) bylaws so you understand what the condo complex’s master insurance policy covers and what it doesn’t. If you’re unsure what you need, you can always contact an insurance agent for coverage recommendations.

Once you have your personal information and understand your coverage needs, it’s time to shop around and compare quotes. Industry experts recommend getting quotes from at least three different insurance companies. This will help you find the best price for your ideal coverage.

Rates vary widely based on your location, home age, and credit history. Insurers also calculate premiums in slightly different ways.

For example, these are all quotes for $200,000 of condo dwelling coverage, per Insurify data. They reflect the annual national average rates for each company.

• Grange: $761

• American Family: $1,063

• Allstate: $1,443

If you know your coverage needs, you’ve already set yourself up well. Here are some strategies for the best ways to compare condo insurance quotes:

• Consider policy extras. Assess your risk and whether add-ons like extended replacement cost or hidden water damage coverage are worth it for you. You can also purchase higher coverage limits for your personal belongings if you have valuable items.

• Compare the same amount of coverage. Make sure you’re comparing the same amount of coverage. If one quote seems much lower than the others, it could be a great deal, but it could also indicate that the policy has narrower coverage.

• Search for discounts. Insurers typically offer several discount options for things like bundling policies, installing theft or fire protection devices, and setting up automatic payments.

• Read insurer reviews. Price matters, but so does customer service. Check out industry ratings and online consumer reviews to learn about an insurer’s claims satisfaction.

You can compare quotes online or with an agent. Whatever you choose, make sure you understand what the master condo insurance policy covers so you don’t pay for coverage you don’t need.