Protect Your Home With a Homeowner’s Policy
They say your home is where your heart is and whether it’s an apartment, condo, townhouse, mobile home, manufactured home or single-family house, it is usually our most valuable possession. For these reasons, it is also where you need the most protection. We have partnered with several industry leaders to bring you several coverage options and maximum discounts.
Home insurance policies come in many different variations. There’s the standard home owner’s insurance (HO-3), renter’s insurance (HO-4), condo/townhouse insurance (HO-6), mobile home/manufactured home and dwelling fire or as it is more commonly known, landlord insurance. Each one of these offers unique coverages that apply to each type of living or ownership situation.
Home Owner’s Insurance:
For most of us, our home is our most valuable possession. Therefore, it is extremely important that you are able to get the best coverage at an affordable price. Homeowners insurance covers damage to the home as well as to the personal possessions inside or around the premises. This policy also provides coverage for additional living expenses should a covered loss occur, and you are forced to temporarily move out of your home. Personal liability coverage is included on all policies and is the most overlooked coverage of them all. Liability coverage comes in to play when you become legally liable to pay for injuries and/or property damage that occur at your home or in the policy territory because of your actions. In addition to these, several additional coverages are available for jewelry and special collections that you might have and need to protect.
Renters policies are similar to a homeowners policy except that there is no coverage for the residence building as a renter does not have an insurable interest in the structure itself. We find that many people do not think about renters insurance until it is too late and they have suffered a loss. Many renters believe that if a loss occurs where they are living, that the owner or property manager’s policy will pay for their damaged possessions. This is incorrect. None of your property is covered without a renters policy. Consequently, if there
were a flood or a fire, the building would get fixed but there would be no coverage for the renter’s personal property. Renters policies are an inexpensive way to protect your personal property and have the added benefit of having the additional living expense and liability
coverages as part of the package.
As the owner of a condominium, you may already know that in most cases, the association’s policy covers damage to the exterior of the building and common areas as well as the liability of the association. Damage to your individual unit, your personal property and your liability however, is likely not covered by the association’s policy. Condominium and townhouse policies require a special understanding of what each is and the policies that need to be written in order to properly protect you. These policies are frequently written incorrectly leaving the insured with significant gaps in coverage. A proper understanding is critical to ensuring that you are not left without a way to make repairs in the event of a covered loss.
Townhomes are similar to individual homes in that as the owner, you need coverage for the interior and exterior of your portion of the building, your personal property as well as your personal liability.
Liability, medical payments, additional living expenses are typically included in both policies. Additionally, extra coverage is available for some of your more valuable possessions.
Dwelling Fire (Landlord) Insurance:
Dwelling fire policies are typically utilized by landlords. These policies provide coverage for the building itself as well as some personal property, such as a refrigerator, stove, washer, dryer or anything else that the landlord rents with the residence. These policies also include coverage for lost rents if the property becomes uninhabitable due to a covered loss and there is an actual loss of rental income while the repairs are being completed. Liability coverage, the most important of all, is also included and would come into play for those times when a landlord becomes legally liable for injuries and/or property damage that are the result of the ownership, maintenance or use of the property.
Mobile Home/Manufactured Home
Mobile homes and manufactured homes have their own specific policies and are written by a handful of insurers. They are not the same as a typical homeowner’s policy. These policies provide coverage for the mobile or manufactured home itself. Some of our insurance companies also offer settlements for the residence and personal property at replacement cost. In addition to coverage for the residence, these policies include liability coverage, coverage for personal property as well as additional living expenses, if you must move out because the home is uninhabitable due to a covered loss. Talk with one of our experts to ensure that you are purchasing the right policy, with the correct coverages.
These policies are often the most misunderstood and incorrectly written which means that there are frequent gaps in coverage. Don’t let not understanding your policy be the reason that you pay too much or don’t have the coverages that you thought you had. Talk with one of our experts to ensure that you are purchasing the policy that fits your needs and that you understand what you are paying for.
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