Home Insurance

Homeowners Insurance

Homeowners insurance is a financial protection policy that pays a lump sum if your house is damaged or destroyed by fire, weather, theft or other disasters.

Most homeowners who have a mortgage are required by their lender to buy homeowners insurance. But there are different types of home insurance with various types of coverage. Understanding exactly what is and isn’t covered, and the coverage amounts for the policy’s different components, is crucial before deciding on a policy.

Our agency represents several preferred home insurance carriers, including condo and renters insurance as well.

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Coverage A – Dwelling

This portion of your insurance covers the physical structure of your home; the walls, floors, ceilings, etc. This coverage protects your home from damage to the actual structure and anything that is permanently attached to the structure.

 

Coverage B – Other Structures

It is common for homes to have other structures on the property that are not connected to the home like fences, mailboxes, sheds, and detached garages.

 

Coverage C – Personal Property

This coverage insures all of your belongings. This is an essential coverage when the interior of the home sustains damage, like in a fire. On most policies there is only so much coverage that they provide for valuable items such as paintings, jewelry, guns, etc. It is in your best interest to review your policy to see if more coverage is needed to insure you have the right amount of coverage.

 

Coverage D – Loss Of Use

This coverage is only used if your home is damaged to the extent that you can no longer live in it. For example, if a pipe bursts and floods the home and it causes you to live in a hotel for a couple of months while the home is being repaired; the loss of use coverage will reimburse you for the expenses such as food, lodging, gas, etc.

 

Coverage E – Personal Liability

This coverage protects you from instances where you are liable for negligent actions.

 

Coverage F – Medical Payments

This coverage on a homeowners insurance policy is similar to medical payments on an auto insurance policy. This coverage is to pay medical bills for those who get injured while on your property. (Non-residents)

 

*Many homeowners are unaware that flood and earthquake are NOT COVERED under home insurance policies. You can purchase separate policies for them which are more affordable than you think. Knowing and understanding your policy can make sure that you and your family are covered properly.

Your condominium association may cover the outer structure and common areas of your condominium, but what about the interior? Remember that your condominium association’s insurance policy does not cover your personal property in your condo, or upgrades that you make to it.

If you’re counting on your condominium association’s insurance policy to cover your unit, you may have a risky gap in coverage. Protect your personal belongings and your assets by purchasing a condominium insurance policy.

A condominium insurance policy can provide coverage for:

Personal Possessions

Your appliances, dishes, electronics, clothing and any other valuables are protected. Use a Home Inventory Checklist to itemize your personal belongings.

Dwelling

Provides protection for the additions or alterations to your unit, and fixtures not covered by the condo association’s policy. For example: flooring and wallpaper.

Liability

Your condominium policy may protect your assets from liability claims if someone is injured on your property or if you (or a family member) are accused of injury or damage to others.

Additional Living Expenses

If a loss occurs, your policy may cover temporary living expenses while you’re waiting for your home to be repaired. This may include shelter, food and relocation costs.

Additional Coverage

Ask your agent about covering unique or valuable items, like fine art or jewelry, by adding an endorsement to your policy.

Medical Payments

Provides protection to someone not living at your residence if they are injured on your property.

Let’s take a closer look at your insurance needs

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