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If you have tangible assets, you need the protection of a homeowners policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well written homeowners policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.

The cost of this coverage is determined by many rating factors. The quality of the coverage; however, is determined by the quality of the insurer and whether the policy is written on a named perils or all risk basis. A named perils policy covers only those losses specifically cited in the contract. The all risk policy works the opposite way, unless a peril is specifically excluded, coverage is provided. The all risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.