Homeowners Insurance

Your home is your greatest asset, do you have it insured correctly?

Your home is your most valuable asset as well as the center of your family’s daily lives. Whether you live in a home, condo, or apartment the right property insurance will provide you with peace of mind as well as the money you would need to repair or replace your home and/or belongings.

THE FACTS ABOUT HOME INSURANCE

When people shop for home insurance, they are actually seeking not just one type of coverage but possibly several different varieties. Homeowners insurance, renters insurance, and condo insurance are all typically included within the category of home insurance. Whether you own the property that you live on or whether you are renting it short term, you need to have insurance coverage to guard against disasters and losses.

Homeowners, Condo, and Renters Policy Types: The Differences

A homeowners policy is for people who own their own home. This may be either a house or a condominium: Essentially, if you are making payments on the home with ownership as the end goal you will need homeowners insurance. This type of policy will cover both the outside of the home and all the contents of your home. It will cover the majority of natural disasters (certain disasters like earthquakes and floods are excluded but you can buy policies for that specific purpose) and will allow you to replace or rebuild damaged property. If your home is broken into by a thief and items are stolen your insurance will help replace stolen items and pay for any damage in terms of vandalism that the thief did.

With a renter's policy, the coverage includes the inner contents of the home, apartment, or room that you are renting. This is coverage for the break-ins, the natural disasters, fires, and other circumstances that are beyond your control. Even though your landlord will have a homeowners policy on the place you are living, it does not cover your own personal items as a renter, which is why renters insurance is essential.

Coverages for Property Insurance

Dwelling protection - this is the amount your home is typically insured for repairs or rebuilding your home.
Other Structures coverage - covers structures that are not attached to your home. Ie. Shops, sheds, fences, detached garages, etc.

Personal property protection - covers your personal belongings such as furniture, electronics, clothes, etc. Personal Property coverage pays to replace the items stolen or lost in a covered loss.

Family Liability Protection - covers you if someone is injured or their property is damaged due to your negligence. Your liability coverage should be high enough to protect your assets in the event of a loss.

Medical coverage - covers the medical expenses to a limit for guests if they are injured on your property.

Additional Living Expenses - covers you in the event your home suffers a covered loss and you are unable to live in the home until it is repaired or rebuilt. This coverage has a dollar limit as well as a time limit allowed for coverage.

Scheduled Personal Property - covers special or collectible items that may not be covered correctly under your personal property coverage. Items such as jewelry, antiques, collectibles, art etc.