There are four main types of insurance you can get when buying a home:
Comprehensive: With this type of coverage you have more protection than with any of the other options available to you. It protects you against any kind of risk, other than those that are specifically spelled out in the policy (such as avalanches, earthquakes, sewage backup, and other unusual events).
Basic or Named Perils: This option is narrower than the comprehensive type, because it only provides protection for risks that are explicitly listed in the policy documents. If you should experience loss or damage from something not on the list, you’re not covered.
Broad: A broad policy provides comprehensive coverage for the structure of your home, while only providing basic coverage for its contents.
No Frills: A no frills policy is for use in unusual circumstances, such as when your property is too risky to be insured. It will provide you with coverage for basic risks, such as a fire, while you work to get the property back into shape; once you’ve done that, you’ll be able to apply for a regular policy again.
After you’ve decided on the type of home insurance general policy you want, you can then start customizing. Talk to your insurance provider about specific risks that you’d like added to your policy, such as damage from an earthquake, or the theft of extremely valuable works of art in your home. You can insure against these kinds of events with something called an endorsement, which provides protection tailor-made to your needs.