Save 20% when you bundle home & auto
Protect your home with homeowners insurance
At Magnum Insurance, our agents are ready to help you protect your home, your belongings, and your family. We know your home is your most important investment and we want to help give you piece of mind so you can keep moving forward.
Talk to a certified local agent today for a free homeowners insurance quote. We’ll shop the best home insurance companies to find an affordable insurance policy that best fits your needs.
Plus, save money when you have both a home and car insurance policy with Magnum Insurance.
Save on homeowners insurance
Combining your home and car insurance policies could save you time and money. If you currently carry Homeowners insurance with another carrier, you may gain more savings by switching. Talk to an agent today and learn more about bundling home and auto.
What does a homeowners insurance policy cover?
Home insurance protects you when bad things happen to your home. Talk to an agent today to learn more about coverage but below are a few common items covered by Homeowners insurance.
The H0-1 or “basic form” property insurance is a designated policy with limits of coverage. Of the 16 types of perils covered by the insurance industry, it covers 10. This policy does not cover flood, earthquake, or falling objects. In addition, it does not automatically protect your belongings. This policy is so basic in coverage that home insurance company no longer offer or carry it.
Referred to as “broad form,” the H0-2 policy is a type of property insurance that covers all 16 types of perils contemplated by the insurance industry. However, the homeowners insurance coverage is underwritten to named perils, meaning that any other damage or perils will be additional living expenses for the property owner. Although it covers more perils than H0-1, this policy still has coverage limits. It does not include, for example, flood insurance or earthquakes.
The “special form” or H0-3 is the most comprehensive and therefore most popular property insurance. It includes the replacement cost of any damage to the home itself and, in addition, has other coverage options attached, such as a deck, garage or other personal belongings. The coverage limits of H0-3 should be clearly stated on the form.
Although the special H0-3 form seemed perfect, the H0-5 policy is going to make you fall in love. It is called a “comprehensive form” because it is an extended version of H0-3. It has all losses covered, dwelling and contents, unless the form explicitly excludes any. And, as for the differences between H0-3 and H0-5 property insurance, the latter covers all your belongings for any cause of loss that is not manifestly excluded.
Policy H0-8 or “modified form” is homeowners insurance coverage designed primarily for older, registered historic homes. In terms of coverage limits, the H0-8 policy focuses on named perils, specifically 10. In this it is like the basic H0-1 policy.
Homeowners Insurance Coverage Types
Most policies cover damage to your house and any permanent structures on your property for:
- Water damage
Protects belongings that were damaged or stolen such as:
Limited coverage for jewelry stolen from your home. You may need special coverage for things in your collection like:
- Engagement rings
- Wedding bands
- Diamond bracelets
Could help with medical expenses or property damage to others caused by you or members of your household, including pets. Personal liability could also help with legal expenses in the case of a law suit.
Covers medical payments for minor injuries to people who don’t live with your but get hurt on you property.
Coverage for extra unexpected costs you might have to pay when experiencing a covered loss such as temporarily living elsewhere while your home is repaired.
Magnum Insurance makes homeowners insurance easy
Insurance should be easy. And now it is. Get your online insurance done at your convenience
Flexible payment options including cash. Call, visit a store, or make a payment online by logging into your account.
Manage your policy. File and track a claim. Do it all with a few taps on your smartphone.
No one likes to file a claim. That’s why we make the process as quick and smooth as possible
Get a free home insurance quote today
Get the homeowners insurance coverage you need with Magnum Insurance. Talk to an agent today by giving us a call or visiting one of our offices located across Illinois and Indiana.
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