Homeowners Insurance
Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events.
Depending on where you live - a house, apartment, or condominium -the right home insurance policy can provide you with peace of mind as well as the money you need to repair or replace your home and/or belongings. It will also cover you in the event that someone is injured while on your property and wins a legal judgment against you.
The Homeowners Policy
Homeowners policies differ by which losses are covered, which coverages you choose, and what type of residence you own. Most home, condominium, and renters policies are comprehensive policies that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property.
Most policies provide coverage for the following:
- Structural - Covers damage to your home or dwelling.
- Personal Belongings - Covers damage to your personal property even when the loss is not at your home.
- Liability Protection - Covers your legal responsibility for injuries or damage to other people or property.
- Additional Living Expenses - Covers costs for temporary housing, meals, etc. while your home is being restored or rebuilt.
Your responsibilities:
Make an inventory of your home and personal belongings. If possible, make a list and take photos or video - using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your policy doesn't cover damages caused by poor or deferred maintenance on your part.
Contact your agent when you have made home improvements in excess of $5,000 to make certain your protection is adequate.