Basic, Broad, Special

Property insurance provides three levels of coverage. Basic, Broad & Special. Basic is the cheapest to purchase, and Special is the most expensive, with Broad form in the middle.

Basic & Broad form only provide coverage for the perils that are listed. Special provides coverage for anything and everything, unless that peril is specifically excluded. See below for more information.

Basic
fire; lightning, explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, or volcanic action.

BroadBasic + falling objects, weight of ice, sleet or snow, and accidental water damage.

Special
When a property policy is written on a special form, the insurance company has a duty to specifically exclude coverage. Simply put, if the insurance company does not exclude coverage in writing, the damage to your property will be paid for. There are tons of common exclusions, for example: government action, nuclear hazard, war and military action, water damage (ie. flood), fungus, and pollution. At the end of the day, however, the special form gives you much more comprehensive insurance protection than the basic or broad forms.

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Jonathan S. Carroll, ASLI, CRIS
Bradley & Parker
320 S. Service Rd, Melville, NY 11747
O - (631) 981-7600
D - (631) 650-4034
C - (917) 376-0075
F - (631) 981-7681